FG lost N557bn to MDAs in five years —Report

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FG lost N557bn to MDAs in five years —Report
Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. Picture taken September 10, 2018. REUTERS/Afolabi Sotunde/Illustration/File Photo
Obiajulu Joel Nwolu

A report by a civil society group, the Paradigm Leadership Support Initiative has said that the Federal Government lost N557 billion to non-compliance with financial regulations and the Public Procurement Act by ministries, departments and agencies between 2013-2017.

The ‘Achieving Accountability and Development in Nigeria’ Report presented in Abuja on Friday, revealed that the money was lost to misappropriation and misapplication of fund; virements of fund without the approval of the National Assembly; payment for contracts not executed; payment without vouchers and supporting documents as well as non-collection of appropriate taxes by MDAs.

Speaking during the report presentation which also marked the 5th anniversary of the group, the PLSI Executive Director, Segun Elemo, called on the FG to speed up the process of enacting modern audit law to limit wastage and inefficiency in the management and utilisation of public funds.

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According to him, the report examined the compliance of federal ministries, departments and agencies with the Public Procurement Act, Financial Regulations and other relevant laws over a five-year period to ascertain the level of waste and inefficiency.

He disclosed that the PLSI since its establishment in 2016 had analysed 12 audit reports; delivered 23 policy briefs; engaged with 32 institutions; published 693 infographics; adding that 7.5 million people had benefitted from its services.

FG lost N557bn to MDAs in five years —Report

The civil society group has also monitored 216 projects, submitted 108 petitions to anti-graft agencies and published seven research documents.

The lead researcher, Mr Adedeji Osonuga highlighted some observations, including contravention of provisions of Financial Regulations (2009) and some treasury circulars by many MDAs, adding that the research report discovered various other infractions by MDAs.

He said the report found that the Nigerian National Petroleum Corporation illegally deducted N5.6 trillion from the federation account between 2013-2017.

He said, “Between 2013-2017, NNPC engaged in unauthorised deductions from the federation account; that is deductions without approval, N5.6 trillion. Under-remittance of revenue from domestic invoices N13.2 billion.”

The PLSI board chairman, Rev Polycarp Gbaja, said the organisation has worked hard in the last five years to ensure accountability in the use of public funds in the country.

Source: Punch

This post was written by Obiajulu Joel Nwolu.

The views expressed here belong to the author and do not necessarily reflect our views and opinions.

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