By Sunday Joseph
The Chairman, Senate Committee on Trade And Investment has chided the Managing Director of Oil and Gas Free Zone Authority Onne, Mr. Umanah Umanah for not following the circular of the Ministry of Finance in remitting its revenue to the federation account.
This was happening during the 2020 budget performance appraisal and 2021 budget defense of the authority before the committee.
The managing Director told the Senate committee on trade and investment that it generated N2.717 billion in 2020 and remitted N335 million instead of N679 million because of overhead cost.
Senator Francis Fadausi ordered the agency to remit the actual revenue which is 25% of the revenue generated and warned q the agency from operating the surplus.