FG involves EFCC in ‘missing’ funds, aims to recover N811bn from govt agencies

The federal government is involving the Economic and Financial  Crimes Commission (EFCC) in the special audit by the ministry of finance, which has indicted many agencies of government.

Following the audit and indictment, some of the state-owned enterprises have begun to make refunds to the consolidated revenue fund.

The Nigeria Shippers Council refunded a sum of N640 million during the week, with the ministry saying some of the other agencies found wanting by the audit report would follow suit in the coming weeks.

The total independent revenues generated between January and October 2016 stood at N272.03 billion, and is projected to increase to N811.03 billion, if owed monies are recovered.

The ministry of finance says it will  audit and hand over cases to the relevant agencies.

The ministry of finance and the national assembly are said to be working closely on this, as a joint national effort on the premise that “every naira must count”.

Some of the infractions unearthed in the course of auditing the 33 agencies investigated so far, include non-remittance and under-remittance of operating surpluses due to the Consolidated Revenue Fund, operating without an approval budget, overstating of budget and spending above budgeted amount, under-reporting of revenues and making payments without invoices and absence of payment receipts.

Others include failure to retire cash advances, granting of loans and grants to parent companies without prior approval, poor bookkeeping and payroll fraud and exaggeration of payroll costs, among others.

The 33 agencies investigated include the Nigerian Communications Commission, Nigerian Maritime Administration and Safety Agency, Corporate Affairs Commission, Industrial Training Fund, Federal Airports Authority of Nigeria, Nigeria Airspace Management Agency, Nigeria Railway Corporation, National Examination Council, West Africa Examination Council, Joint Administrations and Matriculation Board, Nigerian Export-Import Bank, National Open University of Nigeria, National Hospital Abuja and National Broadcasting Commission.

Others are Nigeria Television Authority, Nigeria Immigration Service, Federal Mortgage Bank of Nigeria, National Teachers Institute, University of Lagos Teaching Hospital, University of Lagos Teaching Hospital, National Orthopaedic Hospital, Igbobi, Lagos, University of Lagos, University of Nigeria, Nsukka, Ahmadu Bello Teaching Hospital, National Agency for Food and Drug Administration and Control, National Centre for Women Development, Ahmadu Bello University, Zaria, Nigeria Shipper’s Council, University of Benin, University of Ilorin, University of Ibadan and Bayero University, Kano.

A total of N450 billion in outstanding and recoverable operating surpluses has been identified from some government agencies, which include the Central Bank of Nigeria, Nigeria Shippers Council, Nigeria Export Promotion Council, National Health Insurance Scheme, Nigeria Civil Aviation Authority, Nigeria Communication Commission and Nigeria Postal Service.

The list also include National Information Tech & Dev. Agency, Nigeria Television Authority, Bureau for Public Enterprises, National Pensions Commission, Nigeria Bulk Electricity Trading Plc, Raw Material Research & Dev. Council, Nigeria Ports Authority, Nigeria Export Processing Zones Authority, Federal Radio Corporation of Nigeria and Council for the Regulation of Engineering in Nigeria.

The audit reveals that agencies that do not review and approve their budgets as advised will be restricted to payment of salaries until the budget is regularised.

This is said to be backed by an executive order from President Muhammadu Buhari.