The Petroleum Products Pricing Regulatory Agency (PPPRA) says that the claim of non remittance of N1.34 trillion of its Internally Generated Revenue (IGR) to the Consolidated Revenue Fund (CRF) by the Budget Office of the Federation was false.
The General Manager, Corporate services of PPPRA, Mr Kimchi Apollo disclosed this in a statement in Abuja on Monday.
He said that all the revenue collected by the agency since its inception was less than 1.6 per cent of N1.34 trillion, adding that the budget office misrepresented the fact.
“The attention of PPPRA has been drawn to the widely circulated allegations which insinuated that the Agency had failed to remit the sum of N1.343 trillion of its Internally Generated Revenue (IGR) to the Consolidated Revenue Fund (CRF) domiciled in the Central Bank of Nigeria (CBN).
“The information was said to have purportedly emanated from a presentation made by the office of the Director General Budget.
“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,” he said.
Apollo added that the Agency always remits 25 per cent of its total IGR mainly from its Administrative Charge Collections on a quarterly basis to the CRF domiciled with the CBN, in line with the statutory requirements of all Ministries, Departments and Agencies of government.
“However, it should be noted that since the 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.
“Meanwhile, the Agency would like to use this opportunity to once more assure all stakeholders and members of the public of uninterrupted products supply and distribution, during this festive period,” he added.
(NAN)