Chairman, Senate Committee on Trade and Investment, Francis Adenigba Fadahunsi, has chided Managing Director of Oil and Gas Free Zone Authority Onne, Umanah Umanah, for not remitting its revenue to the Federation Account.
It also flayed Umanah for not following the Ministry of Finance circular on the issue, lamenting that this happened during the 2020 budget performance appraisal and 2021 budget defence of the authority before the committee.
Umanah had told the committee that it generated N2.7b in 2020 but remitted only N335m instead of N679m due to overhead cost.
Fadahunsi ordered the agency to remit the actual revenue, which he argued amounted to only 25 per cent of the revenue generated and warned the agency against utilising the surplus.
