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IPPIS failed to remit workers N26.6bn NHF in two years – FMBN
THE Federal Mortgage Bank of Nigeria (FMBN) says the Integrated Personal Payrol information System (IPPIS) failed to remit N26.6 billion of workers contributory funds in two years.
Mr Madu Hamman, Managing Director of FMBN, said this on Thursday in Abuja while appearing before the House of Representatives Ad hoc committee probing the non-remittance to the National Housing Fund (NHF) and Utilisation.
According to him, from October to December 2022 there were 40 per cent unremitted payments to FMBN resulting from revenue drive by the Federal Government and a total of N11.630 billion was involved.
“From January to December 2022, N11.587 billion was not remitted as backlog payments for MDAs from IPPIS, while N3. 356 billion was not remitted from April to July 2021 as outstanding failed payments for 2021 from IPPIS,” he said.
Hamman explained that some NHF payments meant to be paid to FMBN as housing contributions had been wrongly made into the Federal Government Loan and Scholarships Board, adding that 14 MDAs were affected by the wrong payments.
He said all contributors were eligible for a full refund of their contribution over the years including accrued interest of 2 per cent upon retirement.
Others, he said, were by attainment of 60 years or inability to continue due to incapacitation or death, adding that FMBN had refunded N66.678 billion to 444,637 beneficiaries.
Speaking on projects executed through various means, Hamman said, FMBN ensured it gave loans to register members of the association of developers.
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He said that FMBN also had the regular primary mortgage bank from interested individuals where it disbursed N139.6 billion to 24,332 beneficiaries.
On the ministerial pilot scheme, he said the Federal Ministry of Works and Housing provided land for those on the scheme and it had spent N38 billion to build 5,443 units of housing.
Reacting to the allegations, Mr Ekwem Dem, Deputy Director, IPPIS in the Office of the Accountant General said, ” On our own part, we are just hearing some of these allegations.”
He said, for instance, the ‘no work no pay’ for members of ASUU remittances was still hanging, adding that there was a need for a reconciliation window, “so we can see the area of convergence”
Rep. Dachung Bagos, the Chairman of the Committee, said it would go on oversight of some of the projects claimed to have been executed by FMBN and where they were located.
“We are going to do some random checks to see the utilisation of this work, we are going to oversight all these projects
” We need to know why the Nigerian civil servants are not given what is due to them, even if we have to go with a tricycle; we will go.
” Some of us are engineers. We are going to receive some of these things, we must get value for our naira and Nigerians must get value for their money,” the chairman said.
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The News Agency of Nigeria (NAN) reports that on Wednesday, the Nigeria Labour Congress (NLC) threatened to pull out civil servants from the NHF contributory funds over the non-remittance of deductions made.
President of NLC, Joe Ajaero made the threat while appearing before the House of Representatives Ad hoc Committee on Non-Remittance to the NHF and Utilisation of the Funds from 2011 till Date.
According to Ajaero FBN had refused to send alerts of how much civil servants have contributed including their monthly deductions.
He urged the lawmakers to take drastic steps to remove the encumbrances to affordable and quality housing to millions of Nigerians especially workers who make the most contributions to the NHF.
This according to him is as
identified in the memorandum and other memoranda submitted to the committee.
He said that the immediate past Managing Director of FMBN Mr Ahmed Dangiwa who is now the Minister of Housing and Urban Development said he left behind N120 billion in the coffers of
the bank.
IPPIS failed to remit workers N26.6bn NHF in two years – FMBN
(NAN)
News
Why the world didn’t end on April 25, by Prophet
Why the world didn’t end on April 25, by Prophet
Self-proclaimed preacher Prophet Metuh, who declared that the world would end on Thursday, April 25 has explained why the prophecy was averted.
He wrote: “The Lord showed us Mercy. After our 21-day fasting and prayer, he heard us and gave us more time to live. Prayer works #rapture2024 #rapture”
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Reacting, @Pedwardx said: It’s the shamelessness for me. Kindly repent.”
@yesscoco asked: “So how many more days did God give us prophet? .”
@abeeb_azeez stated: “Alagba Metu you no go rest.”
@Adesoji85832525 argued: ” Sir, just say you want to start your skit career we will understand better.”
Why the world didn’t end on April 25, by Prophet
News
Edo Election: Group accuses INEC of disenfranchising voters
Edo Election: Group accuses INEC of disenfranchising voters
A coalition of civil society organizations, under the aegis of the Conference of Non-Governmental Organizations (CONGOS), has raised an alarm over the alleged denial of the voting rights of Edo State citizens by the Prof. Yakubu Mahmood-led Independent National Electoral Commission (INEC).
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FG borrows N3.8trn from CBN in 6 months, says new report
FG borrows N3.8trn from CBN in 6 months, says new report
In the last six months of 2023, the Federal Government of Nigeria received an additional N3.8 trillion in what appeared to be a fresh Ways and Means borrowing, according to a provisional data published in the latest statistics bulletin for the fourth quarter of the year recently released by the Central Bank of Nigeria (CBN).
This is despite claims by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, that the President Bola Tinubu government had not borrowed money from the CBN.
The CBN’s provisional data showed that the total figure rose from N4.4 trillion at the end of June 2023, meaning that the cumulative Ways and Means balances due by the government grew to N8.2 trillion as at December 2023.
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Total Ways and Means balances as at May 2023 when the Tinubu administration took over was N26.95 trillion. However, the balances were securitised as included as part of the federal government’s domestic debt profile.
A breakdown of the data shows that the balance at the end of June 2023 was N4.36 trillion, indicating that the prior month balances may have been moved to the Debt Management Office.
However, from July 2023, the balances increase every month, first to N4.5 trillion in July, then N5.1 trillion in August, crossing the N5.1 trillion mark for the first time.
By September, the total was N6.4 trillion, representing the single largest additional borrowing for a month with about N1.3 trillion. It then climbed to N7.2 trillion in October before rising marginally to N7.6 trillion in November.
At the end of the year, in December, the total hit N8.21 trillion, suggesting that Ways and Means increased by 88 per cent in six months.
FG borrows N3.8trn from CBN in 6 months, says new report
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