Presidency Illegally Moved N14bn -Auditor-General

Agency ReporterJuly 25, 2018

0 2 minutes read

The audited report of the federal government for the 2016 financial statement from the Office of the Auditor-General for the Federation (OAuGF), Mr. Anthony Mkpe Ayine, has revealed that the presidency illegally withdrew N14 billion from the Stabilisation Fund for the establishment of an Army barracks.

The report, which is posted on the OAuGF’s website also indicated that one of the flaws among the agencies of government pointed out was poor bookkeeping practices, especially in the oil mineral sector, in the management of revenue generation and expenditure, and described it as a major challenge in the anti-graft war in public finance expenditure.

The audit report cited one case of the discrepancy by the relevant government agencies, which culminated in the over-payment of two revenue generating agencies, including the Department of Petroleum Resources ( DPR) and the Federal Inland Revenue Service ( FIRS).

DPR, FIRS overpaid N837.082bn 324 MDAs fail to submit their accounts for audit Ndubuisi Francis in Abuja

According to the report, the overpayment stood at N837.082 billion as the cost of revenue collection by the two bodies.
It said: “Our examination of the Accountant-General’s Transcript and FAAC figures revealed that the FIRS and DPR were over the paid cost of collection in the month of August 2016 in the amounts of N305,922,200.48 and N531,160,436.78 respectively totaling N837,082,637.24.

“ It was observed that what was captured in the Accountant-General’s Transcript as payments for the month of August for FIRS and DPR as the cost of collection differs from what FAAC approved in the FAAC file. It is expected that only figures approved by FAAC are to be paid by the Accountant-General of the Federation. The difference resulted in overpayments of N837,082,637.24 by the Accountant-General to the two collecting agencies.”

Also contained in the report was the fact that joint venture (J V) cash calls ( funds injected into JVs by the NNPC on behalf of the Federation could not be accounted for in the books of the OAGF and the FAAC.

“These funds are obtained out of revenues accruing to the Federation that would otherwise have been paid into the Federation Account for allocation to the three tiers of government. Firstly, it is unclear how and where the asset values of these investments in Joint Ventures on behalf of the Federation are determined and reported.