Peter Joshua, the director of finance and administration at Petroleum Products Pricing Regulatory Agency (PPPRA), has admitted that the agency did nor remit N501.2 million into the federation account in 2014.
At an investigative hearing by the house of representatives committee on finance on Monday, Joshua said the agency should have remitted N708.6 million, not N207.7 million.
The N708.6 million, he explained, represents 25% of the N2.8 billion generated as revenue by the agency.
According to Joshua, the amount was largely generated from the 15 kobo charged on every litre of fuel imported or refined locally.
Responding to Joshua’s comments, James Faleke, the committee’s chairman, threatened to recommend sanctions against the agency and its officials.
“You are hiding facts from us. It is either you are not competent or whatever you are doing here is deliberate. We will recommend appropriate sanctions,” Faleke said.
“You are sitting on Nigeria’s money even when you know Nigeria cannot finance its capital budget beyond 20 per cent. You have stayed on this seat for too long.
“Remember we have a new sheriff in town. We are not here to joke. What we want is a system where we can finance our budget. If your agency alone is sitting on N500 million yearly based on your declaration in 2014 alone, then what is the essence of PPPRA?”.
NAN reports that Faleke ruled that the agency’s management should reappear before the committee on February 27 with all documents showing revenue generation and remittances from 2011 to date.