N1000 notes
October 27, 2023
…Over N200bn unapproved payments discovered
The 2019 audited statement of the Federal Government has found that over N100 billion could not be accounted, suggesting that the funds may have been misused or stolen.
This is was contained in the then Auditor General of the Federation, Adolphus Aghughu’s remarks on the account.
According to the findings, there were a number of irregularities and shortcomings, indicting the Federal Government on several counts.
• Unapproved payments: The Auditor-General found that the Federal Government made a number of unapproved payments in 2019, totalling over N200 billion. These payments were not supported by the necessary documentation and may have violated the country’s Public Procurement Act.
• Weak internal controls: The Auditor-General found that the Federal Government has weak internal controls in place, which makes it difficult to prevent and detect fraud.
The report found that the Federal Government’s revenue collection efforts were weak, resulting in a significant revenue shortfall, while expenditure on non-essential items was excessive and the debt stock was rising rapidly.
Political Economistng reports that President Bola Tinubu approved the appointment of Mr. Shaakaa Chira as the substantive Auditor-General of the Federation, as recommended by the Federal Civil Service Commission (FCSC) on October 20, 2023.
Following these findings experts have called for the amendment of the country’s 67 year old audit law to include allowing the President present the FG’s fiscal report to the National Assembly just as the budget.
Report by: Theresa Igata
