Nigeria’s House of Representatives is now digging to know what happened to N20trillion belonging to the country’s federal government as it on Thursday ordered an investigation into the whereabouts of the said money, collected as stamp duty between April 2013 and March 2017, but which was not remitted to the Consolidated Revenue Fund of the Federation.
The money was held by the receiving banks, which had failed to remit it through the Nigeria Inter-Bank Settlement System, the house alleged.
According to the legislators with N20tn, the Federal Government did not need to resort to borrowing to fund the country’s annual budgets.
“The Federal Government of Nigeria could not fund capital projects from 2015 to date by 100 per cent due to negligence by some government agencies to live up to their expectations in terms of revenue generation and subsequent remittances to government coffers.
“The government had to resort to foreign borrowing with high interest rates to fund the capital budget, leaving so much money lying fallow with NIBSS, banks and other financial institutions,” the resolution stated.
There is a deep rooted culture of stealing the commonwealth by those entrusted with authority in Nigeria.
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