Senate queries CBN over $3.3bn unremitted foreign taxes

…As Reps plan amendment of Labour Act

TRACKING___The Senate through its Committee on Public Accounts has queried the Central Bank of Nigeria (CBN) on Wednesday on an unremitted $3.3 billion from the $21.3 billion collected by the Federal Inland Rveenue Service (FIRS) as foreign Tax in 2015.

The office of the Auditor General of the Federation had petitioned the Senate Committee on Public Accounts that while FIRS recorded $21.3 billion as total sum of foreign tax collected by it in 2015 and domiciled in the apex bank, it recorded $18 billion.

The committee led by Senator Mathew Urhoghide (PDP Edo South), consequently queried the CBN management to explain the shortfalls but CBN’s Deputy Governor (Corporate Affairs), Mr. Edward Lamatek Adamu, couldn’t explain convincingly.

The Deputy Governor in a frantic effort to convince the committee that the shortfall of $3.3 billion was not missing or unremitted said variations in exchange rate during time, resulted into the difference of amounts recorded by FIRS and CBN.

Not satisfied with his explanation, the committee ordered him and other top officials of the Apex Bank to report back to it on Monday with required documents on the alleged variations in exchange rate.

Addressing journalists after the stormy session, Senator Uroghide said: ”While the record of FIRS showed $21.3 billion, but the record of Apex bank showed $18 billion.

“When CBN was asked about why the differences in the amount, the Apex hinged its argument on exchange rate, upon which officials of the bank are directed to come up with supporting documents if they have.

“There were 13 queries raised concerning CBN. Today, they have explained some while some are yet to be sufficiently explained , particularly the $3.3billion difference it has from the $21.3billion foreign taxes remitted by FIRS”,he said.

Meanwhile, the Committee has slated Tuesday next week for appearance of some other highly rated government establishments like the Nigerian Army, the Police and the Economic and Financial Crimes Commission (EFCC) over alleged unaudited Accounts over the years.

In a related development, the House of Representatives says it plans to amend the Labour Act to strengthen the Nigeria Labour Congress (NLC).

Rep. Femi Gbajabiamila, Speaker of the House made the pledge on Wednesday in Abuja, while receiving the leadership of the NLC in his office in Abuja.

He said the NLC represented vast majority of Nigerians and had a mandate to protect the interest of the common man just like the legislature.

“We will be looking forward to your inputs, we are ready to look at them and amend the Labour Act.

“You should do that on time because time is of the essence so that we pass it very quickly,” Gbajabimila said.

The speaker urged the union to key into the motto of the 9th House of Representatives which was “Nation Building, a Joint Task”.

He said that NLC should always conduct its activities free from political, religious or ethnic influences.

Earlier, NLC Chairman, Mr Ayuba Wabba said that the visit was aimed at seeking collaboration of the house towards building the union into a strong institution.

Wabba said that democracy can only thrive in the country through strong institutions like the NLC, legislature, and judiciary among others.

He said that the NLC was made up of unions in the informal and formal sectors and that it represented the interest of the common man.

The chairman said the NLC was interested in sustaining cordial relationship with the green chamber for the protection of Nigerian people.

According to him, the United States, Germany, China and other developed countries have very strong labour unions and there is need to strengthen the NLC.

He stressed the need to put an end to casualisation of workers through legislation, describing it as modern day slavery.

Wabba said that when amending the Labour Act, labour unions should be made more independent and that every Nigerian worker should be free to join any union of his choice.

He said there was need for a social dialogue which should be made up of all stakeholders to address issues rather than strikes.

Wabba commended the house for its interventions in resolving labour related matters especially in the health, education and power sectors in the country.