February 17, 2015by Tope Fasua0

yes, there could be as much as N30trilion missing in this country. or embezzled already. you are talking of budget? pls investigate that budget. soludo knows what he is talking about. i didn’t take it serious but two days after his allegation, the FIRS declared it collected taxes worth N4.69trillion in 2014. Something pricked me, for the entire budget for that year was N4.695. Investigate yourself. I now wondered where the other monies earned by other agencies went to. note that the budget of N4.695trillion for that year, was run in deficit o. of at least N900billion. i went back and read the budget speech for that year, and realized that the CME actually stated that the totally collectible revenue for 2014 was N10trillion. and out of that, N3.73trillion goes to the FG, while the rest goes to states and LGs. hence they ran a deficit and borrowed (meaning that the revenue was not enough). the problem is, did FIRS alone collect almost 50% of the total revenue? (N4.69trillion out of N10Trillion?)?.

what happened to Customs Import Duty/Excise? I investigated that one. They collected N977billion. what about NPA, NIMASA, NCAA, NAMA, FAAN, Immigration, NCC, BPE, CBN (surpluses which they got commendation from the National Assembly for transferring on time), and other agencies of government? No, they don’t declare. Many of them don’t disclose at all. Mind you, in 2014, budget performance was probably like 30%. money was not released at all to some MDAs until around September. By December, it was over! so where do all the monies go? what crime is going on in this country? apparently this country would be making at least N15trillion yearly. and of the N10trillion declared by the Finance Ministry, those in charge of the money ensure that at least N5trillion is missing. so over 4 years as alleged by Soludo, perhaps N40trillion could have been missing – to corruption, fraud, evasion, waivers, non disclosure and so on

i didn’t even add NNPC to the cash cows whose accounts we don’t see. only FIRS accounted for 50% of total government revenue. a revenue which was not spent because budget was not signed until July, and virement or whatever they call it, released in september, when the very vicious and hungry ogas in the ministries have perfected all the road blocks, and constructed dams and irrigation channels to ensure half of whatever is released enters their pockets. may God save us in this country. but even we are ready to save ourselves. abi?

by Tope Fasua

Tope Kolade Fasua is a Nigerian ex-banker, entrepreneur, economist and writer with 28 years of work, business and policy analysis experience. He is the founder and CEO of Global Analytics Consulting Limited, an international consulting firm with its headquarters in Abuja, Nigeria, and footprints in the United Kingdom, USA and United Arab Emirates. Fasua has authored numerous columns on newspapers and six books. He currently keeps regular columns on policy analysis issues with Premium Times and Daily Trust newspapers.

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