Reps to CBN, FIRS, and NCS where is the missing N7.935 Billion

— The house of Representatives yesterday queried  the Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) over  discrepancies in the  remittance  of N7.935 billion generated by the Nigerian Customs Service to the Federation Account in 2007.

These queries  were issued  by Chairman of the Public Accounts Committee of the House, Solomon Adeola Olamilekan, during an  investigative hearing.

The committee also queried the  five month delay in the remittance of the sum of N14.210 billion being import duties collected and lodged into CBN branch in Port Harcourt by the Customs Area Command same year.The revenue was said to have been collected  in August 2006 but was not transferred to the Federation Account until January 2007.

Olamilekan further said audit examination of the records maintained for the Federation Account at the Nigeria Customs Service revealed that the total amount generated and remitted by the service for the year 2007 was N233.430 billion, while total amount received by FAAC from NCS was N241.366  billion, resulting in a discrepancy of N7.935 billion. - Vanguard