Nigeria's imediate past minister of Finance ,Ngozi Okonjo-Iweala has been indicted by the Nigerian senate over a N1.7t loss in revenue. According to the Senate Ad Hoc Committee on Alleged Misuse, Under-Remittance and Other Fraudulent Activities, revenue agencies short-changed the Federal Government to the tune of N1.7tn as unremitted revenue generated between 2012 and 2016. The panel blamed it on a memo by a former Minister of Finance, Mrs. Ngozi Okonjo-Iweala, who allegedly issued the memo to the agencies to remit 25 per cent of revenue they generated to the Federal Government and spend 75 per cent on their expenditures. An interim report by the committee chaired by Senator Olamilekan Adeola, details this. The panel said the amount to be remitted to the Federal Government during the period by 93 agencies it investigated was N21.5tn. It alleged that 25 of the 93 agencies covered defrauded the government of a total of N1,695,585,887,406.
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