By Emman Ovuakporie

ABUJA—FEDERAL Roads Maintenance Agency, FERMA, has been directed by the House of Representatives House Committee on Public Accounts to remit N1.97 billion unrequited tax to the Federal Government’s coffers.

The agency was also said to have lost N586 million to some defunct banks, notably the defunct City Express Bank.

Based on this, the committee directed that the Central Bank of Nigeria, CBN, appeared before it to explain why the money was written off simply because it was not insured.

The revelations were made at a meeting of the House of Representatives’ Committee on Public Accounts and select agencies, yesterday. The Chairman of the committee, Solomon Olamilekan, wondered why FERMA was yet to remit N1,964,013,883.48, being withholding and Value Added Taxes, VAT, to government.

He drew the attention of FERMA’s management to N586,366,000 reportedly “written off” in 2006 becau-se the money was trapped in some distressed banks.