CONFESSION TIME!!! Auditor-General Of The Federation Exposes Groundbreaking Corruption Going On Under President Muhammadu Buhari’s Watch

By Joshua Amaugo July 25, 2018 18:11

CONFESSION TIME!!! Auditor-General Of The Federation Exposes Groundbreaking Corruption Going On Under President Muhammadu Buhari’s Watch

The Auditor-General of the Federation, Mr. Anthony Ayine, on Monday, July 23, cried out over the blatant refusal of 65 Agencies of the Federal Government, to make themselves available for financial audit, as contained in the Financial Regulations 321 Law.

According to Ayine, a total of 65 Agencies of the Federal Government never submitted their financial statements for audit purposes, in line with the provisions of the law, as this is contained in the 2016 annual report of the Auditor-General for the Federation.

Post-Nigeria gathered that the development is contrary to the integrity status and campaign promises of President Muhammadu Buhari, who promised to be transparent in his government.

Investigation shows that the 2016 audit report is the latest to be prepared by the Office of the Auditor-General ofthe Federation, OAGF for all Ministries, Department and Agencies, MDAs.

Recall, that the report was submitted to the National Assembly, in June, through a letter to the Clerk of the National Assembly, with reference C/AR.2016/CONF/VOL.1/01.

The audit report stated that despite the provisions of Financial Regulation 321 (v), which enjoined the Chief Executive Officers of statutory corporations, to submit both the audited accounts and management report to the Auditor-General of the Federation, not later than May 31 of the following year of account, many of them never obeyed that provision.

Details of the report showed that 323 Agencies defaulted in 2016, while 2015 and 2014 had 215 and 148 defaulters.

Mr. Ayine speaking further, said that as of April 2018, 109 Agencies had not submitted their financial statements beyond 2013, while 76 Agencies last submitted for the 2010 financial year.

He however, noted that 65 Agencies had never submitted any account since inception.

His words: “Most of the government corporations, companies and commissions, have not submitted their audited accounts for 2016, to me. Only 51 audited financial statements for 2016, and 149 for 2015, had been submitted to my office, as of December 27, 2017.

“As of April 2018, 109 Agencies had not submitted beyond 2013; 76 Agencies last submitted for the 2010 financial year, while 65 Agencies have never submitted any account since inception.

“The extensive violation of statutory financial reporting obligations by Parastatals, is of great concern.

“Stringent sanctions, including withholding financial releases and sanctions of the Chief Executives, should be imposed on defaulting Agencies who did not render timely accounts, as provided in the Constitution and Financial Regulations”, Mr. Ayine said.

Aside from the refusal, he added that that based on the audit conducted by his office, there were a lot of material errors and misstatements in the financial statements prepared and submitted.

He said: “The Accountant-General prepared and submitted an IPSAS accrual-based 2016 financial statements for my audit, in line with the Federal Executive Council’s decision to adopt the IPSAS. Our audit revealed a host of material errors and misstatements in this first IPSAS accrual-based financial statements, due largely to implementation challenges.

“Our findings resulted in different significant adjustments being made by the Accountant-General at each stage, in response to observed lapses. The submission of up to five versions of signed financial statements in response to our audit observations, has shown that there were major challenges with the first-time adoption of accrual IPSAS.

“The process requires the Accountant-General to consolidate the balances of up to 924 MDAs, and self-accounting public entities. The lack of disclosure by the Accountant-General, of which the MDAs could not be consolidated, further affects the completeness of the financial statements”, Mr. Ayine said.

Exposing more of the inaccuracies, he noted that there was lack of adequate disclosure of social contributions under the Social Benefits Scheme.

Giving instances, he said that a total of N142.8 billion was reported under social contributions, but there was no breakdown showing individual amount for the different categories of contributions, such as the National Health Insurance Scheme, Contributory Pension Scheme, and Group Life Insurance.

On Nigeria’s domestic and foreign debt, Mr. Ayine also queried the approach used in the presentation of figures, noting that the financial statements of government lacked clarity.

He said: “Figures were lumped together without quantitative or qualitative details to support the balances in the statement. Furthermore, audit examination revealed discrepancies between the figures in the Debt Management Office’s 2016 annual report, and the figures in the financial statements for domestic debts.”

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