Representatives Seek Explanation From Customs Regarding Lack Of Audited Financial Statements For Past Three Years

Representatives Seek Explanation From Customs Regarding Lack Of Audited Financial Statements For Past Three Years....KINDLY READ THE FULL STORY HERE▶

The Nigeria Customs Service (NCS) faced scrutiny from the House of Representatives Public Accounts Committee (PAC) as it was questioned about the non-submission of audited financial statements for the 2016 to 2018 financial years to the Auditor General of the Federation. During the committee hearing in Abuja, led by Rep. Bamidele Salam, the Comptroller-General of Customs, Mr Adewale Adeniyi, and his team were interrogated on various issues raised by the Auditor General of the Federation regarding the 2017 audited report………CONTINUE READING

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Among the concerns raised were issues such as the under-remittance of revenue into the federation account for the year 2017, under-disclosure of outstanding remittance for the year 2016, non-maintenance of bank statements and bank reconciliation statements, non-maintenance of revenue collectors’ receipts, and violation of the E-payment policy of the federal government. Additionally, the query included the non-submission of audited financial statements for the 2016, 2017, and 2018 financial years.

In response to the queries, Adeniyi explained that only the Common External Tariff was remitted into the federation account by the Office of the Accountant General for the Federation. He clarified that other funds were remitted into the Non-Federation Account, emphasizing that since the implementation of the Treasury Single Account (TSA), Area commands no longer maintain accounts with commercial banks. Adeniyi stated that all accounts were closed, and revenue collected was remitted directly to the Central Bank of Nigeria (CBN), with statements accessed at the customs headquarters through CBN’s Transaction Query System (TQS).

Despite Adeniyi’s explanation, documents submitted to the committee by the Comptroller-General revealed that the audited financial statements for the 2016, 2017, and 2018 financial years were presented to the Auditor General of the Federation in 2021.

In light of this, the committee chairman directed the Auditor General to provide documents related to other queries raised against the commission.

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