Reps quiz NRC over ₦12.91bn audit queries, warn of sanctions

The Reps are demanding answers from the Nigerian Railway Corporation over billions in unexplained transfers and revenue gaps, and have ordered a reconciliation of its accounts.

The House of Representatives Public Accounts Committee has questioned the Nigerian Railway Corporation (NRC) over unresolved financial discrepancies of about ₦12.91bn and warned that agencies found wanting in managing public funds would face sanctions, Punch reports.

At an investigative hearing on Monday, chaired by Deputy Chairman Jeremiah Umaru, the committee examined audit queries in the 2023 Auditor-General’s report. The NRC was represented by its Managing Director, Dr Kayode Opeifa.

The queries include ₦6.62bn in reported transfers to outstations, a ₦2.86bn gap between revenue in treasury receipt booklets and audited accounts, and ₦1.71bn in alleged under-remittance of internally generated revenue.

The committee said it was dissatisfied with some explanations and set up reconciliation committees to establish the Corporation’s actual financial position. It also requested more documents.

Other queries include 26 contracts worth ₦858.6m awarded without proper authorisation and ₦410m in investment income not remitted to the CRF.

The committee warned it would not “hesitate to impose appropriate sanctions on any agency found wanting in the discharge of its financial responsibilities.”