…Committee orders Customs to submit updated audited accounts within one week
…CAC admits ₦13.9bn unremitted revenue, NNPCL GCEO ordered to appear next week
The Senate Committee on Finance on Monday threatened to invoke legislative sanctions against several Ministries, Departments and Agencies (MDAs) that failed to honour its invitation to an ongoing investigative hearing on the remittance of internally generated revenue and operating surplus into the Consolidated Revenue Fund (CRF), warning that persistent offenders could be reported to President Bola Tinubu for administrative action.
The warning came as the committee also commenced a detailed investigation into the Federal Government’s issuance of Import Duty Exemption Certificates (IDEC) worth about ₦34 trillion between March 2020 and December 2025, amid growing concerns over the impact of the waivers on government revenue.
The committee, chaired by Sani Musa, (APC, Niger East) said the investigation was aimed at ensuring accountability in the management of public resources and determining whether fiscal incentives granted by the Federal Government had achieved their intended economic objectives.
