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The Ogun State House Committee on Finance and Appropriation has raised an alarm over missing N11billion allegedly from the Pay As You Earn, PAYE, from the border areas under the much publicised Ogun State Residency Rule.
The Committee chaired by Olusola Bankole, on Tuesday, during the Internal Revenue Service, IRS, appearance before it to defend its 2014 financial estimates, seriously drilled the state Chairman of the agency, Babajide Odunbanjo over the N11 billion which allegedly developed wings.
Gov Ibikunle Amosun
Gov Ibikunle Amosun
Abiodun Akovoyon, Chairman Committee on Public Accounts, who laid the allegation, disclosed that the revenue document in his possession showed that the monies generated from the PAYE so far this year was about N21 billion, but the agency claimed to have paid over N11 billion to the consultants handling the scheme.
Akovoyon alleged that the agency’s action was questionable and dubious because it could be seen from all indications that the agency had committed a financial blunder for paying over 50 per cent of about N21 billion to the consultants handling the project.
He said; “What we see here is that the consultants generated about N21 billion and were paid over N11 billion which is more than 50 per cent of the total revenue on PAYE.
“Can we now say your action is financially prudent?” he asked the chairman.
Reacting to the allegation, the Chairman of IRS claimed that the N11 billion was not missing but was spent on 50 per cent of Pay As You are Earn, PAYE revenue for consultants.
He said that his agency paid about 50 per cent to the consultants that handled the State PAYE project because they were able to recover lots of revenue that would have been lost to Lagos State.
He added that the claimed 50 per cent payment for the PAYE consultants was only paid on the first cheques delivered to the IRS.
“The consultants really helped in recovering lots of nearly lost revenue, they brought some cheques which Ogun State might have lost to Lagos State, that was why we gave them such a percentage on the first cheque,” Odubanjo responded.
– See more at: http://www.vanguardngr.com/2013/12/ogun-assembly-raises-alarm-missing-n11bn-revenue/#sthash.v17AHksu.dpuf
