The Chartered Institute of Forensic and Certified Fraud Examiners of Nigeria (CIFCFEN) has offered to collaborate with other private and public sector organisations to support the the federal government in the recovery of N2.7 trillion government unremitted revenue.
CIFCFEN President, Dr. Iliyasu Gashinbaki, made the pledge, Thursday in Abuja at the institute’s second direct membership training and induction ceremony, where Fatima Muhammadu Buhari, a daughter of President Muhammadu Buhari was inducted as a member of the board of trustees.
While presenting the 2019 audit report, the Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji had on Tuesday revealed that about 77 oil and gas companies in Nigeria are indebted to the federal government to the tune of N2.659 trillion.
The debt arises from the failure to remit petroleum profit tax (PPT), Companies Income Tax (CIT) Education Tax, Value Added Tax (VAT), withholding tax, royalty and concession on rentals.
Gashinbaki said the unremitted figure was revealed in the NEITI audit report, stating that about 77 oil/gas companies were expected to release about $6.4 billion (approximately N2.7 trillion) as the year ended 2019.
He explained that the recovery plan will not only bring down the frightening level of borrowing to finance budgets, but also boost the nation’s economy.
He said: “We are at a time where the budget is being financed through loans. Every dime is important to the federal government.
“We are going to support the federal government in the recovery of about N2.7 trillion as reported in the NEITI audit of oil and gas 2019.
“We will provide professional support for the Minister of Petroleum Resources to work with the covered entities to make sure that monies are fully recovered.
“And beyond that also, we have pledged to engage and work with sub-national governments in trying to support them in terms of revenue profiling and recovery and remittance of what actually should have gotten to the federal government.”
He explained that the Institute has the capacity to help state governments, adding that there is no point fighting over VAT.
He advised the sub-national governments that regardless of the outcome of the matter in court; whether VAT remains federally-collected or decentralised, the focus should be for states to take bold practical steps in increasing their revenue.
“The fight on VAT is a call to conscience and a clarion call for state governments that they need to do something about their revenue,” he admonished.
