Abuja - The Ministry of Finance said it had traced N58 billion bank managers and corrupt Government officials had conspired to defraud Government of.
The money was traced to various bank accounts.
Ngozi Okonjo-Iweala, the Finance Minister, threatened heavy sanctions, including closure of such accounts, against the culprits if by Monday next week all such monies were not remitted into the Consolidated Revenue Fund (CRF) of the Federal Government.
"It has come to the attention of the Federal Ministry of Finance that some Federal Government agencies that generate independent revenue, in collusion with some banks, have refused to remit monies to the CRF, of the Federal Government which they are obliged by law to do,” said the Minister.
Okonjo-Iweala said the government identified about N58 billion of such money, which rightfully belonged in the CRF.
"This unwholesome practice has persisted despite the efforts of the Office of the Accountant General of the Federation to encourage the agencies and the affected banks to do the right thing.
"Rather than comply, the agencies and banks, through their lawyers have engaged in all manner of legal subterfuges to ensure that monies, which are due to the Federal Government are not remitted," Okonjo-Iweala said.
The Nigerian government has over the years been victims to fraudsters from within its structures.
It has an estimated 45 000 workers on its payroll.
- CAJ News