N8 Trillion Missing: KPMG Report. – Chidi Cali
KPMG’s Audit: No Money Was Missing in Our Treasury Between 2010 to 2015 as alleged.
There were Revenue shortfalls which may have been caused by several factors other than deliberate non-remittance.
NNPC and CBN recognize revenue in both accruals and cash bases respectively, therefore the timing difference plays a role here. The contretemps between the cash receipt shortfalls, invoice/Contract amounts, and Payment dates must not be misinterpreted as missing funds.
During the reconciliation, the sales Invoices, expenses, and cash receipts are matched based on the transaction dates or otherwise, (See reconciliation of Sanusi’s Bogus $49.5billion Missing Oil Money).
Some Crude contracts (sales) take about 6 to 18 months to be paid for, while others may go via the ancient “trade by barter”, therefore expecting cash on the later makes no sense.
N8 trillion (non-remitted) announced by Mr. Lai Mohammed and Governor Abdulaziz Yari of Zamfara is factually incorrect.
I challenge the integrity handicapped Buhari’s Govt to Make the Forensic Audit on of Revenue-generating agencies between the above period, Public. The Audit report should be a public property based on its importance and ‘time’.
#FactsAreFacts – Chidi Cali
N8 Trillion Missing: KPMG Report. – Chidi CaliKPMG's Audit: No Money Was Missing in Our Treasury Between 2010 to 2015…