Chairman of the House committee on finance, Hon. James Faleke (APC, Lagos) disclosed this while probing into the finances of the agency at the National Assembly.
The chairman also accused the agency of misleading Nigerians by presenting falsified information on its activities particularly its finances.
Faleke described N501, 214,453.91 million, which PPPRA failed to remit in 2014 as “a humongous amount of money”.
He consequenyly ordered the Executive Secretary, Alhaji Abdulkadir Saidu Umar to provide the statement of the agency’s accounts, copies of its reconciliation with the Nigeria National Petroleum Corporation (NNPC) and details of all contracts it awarded from 2011 till date.
Speaking further, Faleke directed that the Executive Secretary, the Director of Finance and other top officials must re-appear on February 24 for the continuation of the investigation.
Earlier, the Director of Finance, Mr. Peter Joshua, who represented the Executive Secretary, had told the committee that the agency’s main source of revenue is the 50 kobo it receives on every litre of petroleum product sold within the shores of Nigeria whether imported or refined.
He disclosed that the the volume of petroleum products consumed on daily basis in Nigeria is between 35 and 40 million litres.
