PPPRA denies N1.3trillion unremitted operating surplus claims

The Petroleum Products Pricing Regulatory Agency (PPPRA) has denied allegations that it failed to remit N1.3 trillion of its Internally Generated Revenue (IGR) to the Consolidated Revenue Fund (CRF) domiciled in the Central Bank of Nigeria (CBN).

The Director General, Budget Office of the Federation, Ben Akabueze, was recently quoted to have said in a presentation that the PPPRA among other government agencies failed to remit N10 trillion operating surplus as at the end of August 2018.

But in a statement on Monday, the General Manager, Corporate Services of the PPPRA, Apollo Kimchi, said the claims were not true.

“It needs to be stated that the Agency without fail, always remits 25% of its total IGR mainly from its meagre Administrative Charge Collections on quarterly basis to the Consolidated Revenue Fund (CRF) domiciled with the Central Bank of Nigeria (CBN), in line with the statutory requirements of all MDAs,” he said.

“However, it should be noted that since inception of the Agency, the revenue collected is less than 1.6% of the above mentioned figure,” Mr. Kimchi said.

He added: “Therefore, PPPRA hereby refutes the claims of failed remittance into the CRF account and describes the assertions as misleading.”