MDGIF rejects Auditor-General’s N94.4bn audit query
The MDGIF has rejected the Auditor-General’s N94.4bn audit query, clarifying that discrepancies are due to timing and reconciliation, not missing revenue. Read More: https://punchng.com/mdgif-rejects-auditor-generals-n94-4bn-audit-query/
The Midstream and Downstream Gas Infrastructure Fund (MDGIF) has rejected allegations of under-remittance of gas flare penalties raised in the Office of the Auditor-General of the Federation’s 2023/2024 Annual Report on Non-Compliance and Internal Control Weaknesses. The fund clarified that the discrepancies identified by the Auditor-General are due to timing and reconciliation issues within the multi-agency Federation Account remittance process, rather than missing or unaccounted revenue.
MDGIF emphasized that it does not collect gas flare penalties and that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is solely responsible for collecting these penalties under the existing statutory framework.
Brief written by urgent.news from Punch's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Audit flags N39bn at MDGIF as NMDPRA denies under-remittance dailytrust.com
- MDGIF rejects Auditor-General’s N94.4bn audit query punchng.com
