The National Executive council has ordered an audit of the Federation account by two firms, KPMG as well as PriceWaterHouseCooper.
The two firms are to audit the accounts of all federal government agencies from which revenue is received. The National Executive Council had earlier inaugurated an ad-hoc committee to look into the revenue paid into the federation account.
The committee was chaired by the Edo state governor, Adams Oshiomole and he revealed that “We have decided to hire two audit firms, KPMG and PwC, to carry out the audit of all the agencies and government will decide what to do. We are doing this because we are sitting governors.
“The interaction has been quite interesting. We have heard from the agencies and they understand what the issues are. Many of them are new by virtue of the recent changes. We are convinced that the audit firms will do a professional job and help the government. The job is going on quietly.”
Some of the agencies which will be audited are, Department of Petroleum Resources, Federal Inland Revenue Service, Nigeria Customs Service, the Nigerian Petroleum Development Company, Revenue Mobilisation Allocation and Fiscal Commission, Nigeria Extractive Industry Transparency Initiative among others.