The World Bank yesterday urged the federal government to carry out an audit to reconcile what the Nigerian National Petroleum Company Limited (NNPC) is owing the Federation as part of overall measures to sustain and deepen the current economic reforms. It also called for improved reporting of oil revenues to the Federation Account Allocation Committee ((FAAC) as well as the maintenance of a market-reflective price on Premium Motor Spirit (PMS). These were contained in the latest Nigeria Development Update (NDU) report, which was launched by the World Bank in Abuja. In the report titled: “Staying the Course: Progress Amid Pressing Challenges,” the bank also urged the federal government to ensure that the gains from the removal of PMS subsidy were flowing to the Federation as well as reform the Value Added Tax (VAT) regime and rationalize tax expenditures. The bank equally urged the federal government to ensure that all FX-related transactions occur at the market-determined exchange rate, cut wasteful expenditures that are not essential, including purchase of vehicles, and external training, among

others.

 

THISDAY