By Michael Eboh
ABUJA—Petroleum Products Pricing Regulatory Agency, PPPRA, yesterday, described as false, claims by Budget Office that it failed to remit N1.34 trillion of its Internally Generated Revenue, IGR, to Consolidated Revenue Fund, CRF, domiciled in the Central Bank of Nigeria, CBN.
In a statement in Abuja, General Manager, Corporate Services of the PPPRA, Mr. Kimchi Apollo, accused the Budget Office of misrepresentation of facts, stating that all the revenue collected by it since its inception was less than 1.6 per cent of N1.34 trillion.
He said: “Without intending to generate further controversy, the PPPRA deems it necessary to correct and clarify the rather distorted information to the members of the public regarding its financial obligations to the Consolidated Revenue of Government.
“It needs to be stated that the agency without fail, always remits 25 per cent of its total IGR mainly from its meagre Administrative Charge Collections on quarterly basis to the Consolidated Revenue Fund, CRF, domiciled with the CBN, in line with the statutory requirements of all Ministries, Departments and Agencies of government, MDA.
“However, it should be noted that since inception of the agency, the revenue collected is less than 1.6 per cent of the above mentioned figure.
“Therefore, PPPRA, hereby, refutes the claims of failed remittance into the CRF account and describes the assertions as misleading.”