The House of Representatives on Monday uncovered a N7.935bn discrepancy in the remittance of revenue generated by the Nigeria Customs Service to the Federation Account in 2007.
A report of the House Committee on Public Accounts indicated that Customs generated and remitted N233.430bn to the Federation Account during the year, but found out that only N241.366bn was released to the Federation Accounts Allocation Committee for sharing between the three tiers of government.
This left a difference of N7.9bn, which the committee said was not accounted for.
The committee queried the Central Bank of Nigeria, the NCS and the Federal Inland Revenue Service about the development. It directed them to explain what led to the discrepancy.
