Consolidated revenue fund overdrawn by N2.48tr, says Auditor-General - Newstrends
Connect with us

News

Consolidated revenue fund overdrawn by N2.48tr, says Auditor-General

Published

on

The Auditor General of the Federation has queried alleged unsubstantiated transfer of N3.627 trillion from government coffers to entities to fund recurrent expenditure in the 2018 financial year.

He also said the Consolidated Revenue Fund was overdrawn to the tune N2.483 trillion in total disregard of Financial Regulation (FR) 710.

Financial Regulation (FR) 710 stipulates that “No government bank account shall be overdrawn or any temporary advance obtained from a bank. In the event of an account being overdrawn, the Officer Responsible shall be made to refund any bank charges incurred thereon.”

Besides, the AuGF in his report submitted to the National Assembly queried the funding of government investments in non-existent or moribund companies to the tune of N84.702 billion, adding that there was no evidence supporting investment of government in the companies.

The part two report with reference number GF/AR.2018/VOL.II/02 of 25th March, 2021 was signed by the Auditor General of the Federation, Adolphus A. Aghughu and addressed to the Clerk to the National Assembly.

According to the report, the sum  of N8.101 trillion was transferred to fund recurrent expenditure-receipt’ in the Consolidated Statement of Financial Performance, while the sum of N11.728 trillion by 944 MDAs gave rise to an unsubstantiated difference of N3.627 trillion which was recognised in the Consolidated Statement of Financial Performance.

“The audit is unable to validate the correctness or otherwise of the difference under reference,” the AuGF said.

The report said further that about 103 MDAs exceeded their Personnel Cost Budget by ₦641.757 billion in 2018 while another 115 MDAs had zero Personnel Cost even though there was Budget allocation for them.

It queried the sources of extra funds for salaries and wages to the 103 MDAs and why there was zero personnel budget for the 115 MDAs even though the MDAs under reference had annual budgets approved for them.

It expressed concern about the completeness and accuracy of the consolidated figures with respect to salaries and wages, adding that “the above anomalies could be attributed to absence of strong quality assurance around the consolidation process at the Office of the Accountant-General of the Federation.

The risk to government resources, it said, is the fact that the consolidated financial statements may have been misstated while there may have been unauthorised virement instead of seeking approval of the National Assembly.

It put the total amount of GIFMIS finalised payments for randomly selected 99 MDAs at ₦536.050 billion and the consolidated salaries and wages at ₦532.352 billion, leading to an understatement of ₦3,698 billion.

The report said there was no further information to enable the audit to verify the understatement.

It attributed the discrepancy to “weaknesses in the internal control systems around the consolidation process at the Office of the Accountant-General of the Federation”.

The audit report disclosed that there were certain irregularities in the disclosure of aids and grants to MDAs to the tune of ₦219.562 billion, which it said was in contravention of Auditor-General for the Federation’s recommendation in 2017 report that ‘Aid and Grants’ should be disclosed in a recommended format.

It said “as a result of the above violation, the sum of ₦219.562 billion shown as Aid & Grants could not be validated, and there was ‘Foreign Grants’ of ₦4,200.00 (Four thousand two hundred naira) as well as ‘Domestic Grant’ of ₦17,100.00 (Seventeen thousand one hundred naira) totaling ₦21,300.00 in favour of Federal Ministry of Foreign Affairs.

“Audit is concerned as to what amount in foreign currency was donated to the extent that its naira equivalent was ₦4,200.00. The donor was not disclosed to enable audit follow up with circularization”.

It said this makes accountability difficult and could cast doubt on the existence and accuracy of reported figures.

On doubtful government investments in NITEL and other Moribund companies, the report said  about N84.702 billion was invested in companies whose going concern and continue existence are in doubt, adding that “efforts by the audit to verify the investment in NITEL yielded no result as the Agency in question had been liquidated.

“Continued recognition of these investments without fully disclosing their impairment status in the Consolidated Financial Statements as required by the above IPSAS cast doubt as to their accuracy and existence.

“Audit therefore concludes that since there is no evidence that supports government investment in NITEL and other companies, it is more likely that these investments may have been impaired,” it said.

The Auditor General’s report also stated that some government agencies embarked upon overhead expenditure without appropriation while some others carried out unapproved virement to fund their overheads.

It said about 14 MDAs incurred overhead expenditure totaling N162.924 billion without appropriation in total disregard to the 1999 constitution as amended, leading to possible misappropriation of funds.

Advertisement

News

OYOSUBEB Chairman Adeniran Joins 2027 Oyo Governorship Race

Published

on

Oyo State Universal Basic Education Board (OYOSUBEB), Nureni Aderemi Adeniran
Executive Chairman of the Oyo State Universal Basic Education Board (OYOSUBEB), Nureni Aderemi Adeniran

OYOSUBEB Chairman Adeniran Joins 2027 Oyo Governorship Race

The Executive Chairman of the Oyo State Universal Basic Education Board (OYOSUBEB), Nureni Aderemi Adeniran, has officially declared his intention to contest the 2027 governorship election in Oyo State on the platform of the Peoples Democratic Party (PDP).

In a statement issued on Monday, Adeniran said his decision to join the 2027 governorship race followed extensive consultations with political stakeholders, supporters and community leaders across the state, as well as deep reflection and prayers.

According to him, his ambition is driven by a commitment to consolidate the achievements of the administration of Seyi Makinde and ensure the continued development of Oyo State.

Adeniran noted that he had earlier hinted at his governorship ambition during a radio appearance months ago, where he publicly disclosed his interest in leading the state.

“I am offering myself to serve as Governor of Oyo State, not out of ambition but out of conviction; not for power, but for purpose; not to be celebrated, but to empower,” he said.

READ ALSO:

The OYOSUBEB chairman highlighted his extensive experience in public administration, noting that he has served as a Local Government Chairman, Commissioner and a member of several state and federal boards. According to him, these roles provided him with administrative exposure and grassroots engagement, helping him understand the diverse challenges facing communities across Oyo State.

Adeniran also praised Governor Makinde, describing him as a visionary leader whose administration has brought significant transformation to the state through its development programme popularly known as the Omituntun agenda. He pledged that if elected governor, he would sustain and strengthen the policies and reforms introduced by the current administration.

“Continuity is the foundation of sustainable progress, and Oyo State deserves nothing less,” he said.

Outlining his vision for the state, Adeniran said his administration would focus on improving access to quality education, promoting youth empowerment and job creation, strengthening security across communities, expanding infrastructure development, and encouraging innovation and inclusive governance.

“My vision is simple: a state where every child has access to quality education, where our youths do not have to leave home to find opportunity, and where security is guaranteed for every citizen,” he said.

Adeniran further emphasized the importance of strengthening the civil service, promising improved welfare, regular training and merit-based opportunities for government workers.

He added that his administration would focus on creating jobs for young people by supporting entrepreneurship, attracting investments and expanding sectors such as education, agriculture, technology and small-scale industries.

The governorship aspirant therefore called on residents of Oyo State to support his ambition, expressing optimism that collective efforts would help build a stronger and more prosperous state.

OYOSUBEB Chairman Adeniran Joins 2027 Oyo Governorship Race

Continue Reading

News

Pastor Says Divine Prayers Helped Nyesom Wike Win Two Terms as Rivers Governor

Published

on

Federal Capital Territory Minister, Nyesom Wike
Federal Capital Territory Minister, Nyesom Wike

Pastor Says Divine Prayers Helped Nyesom Wike Win Two Terms as Rivers Governor

Popular Nigerian cleric David Ibiyeomie, founder of Salvation Ministries, has claimed that his prayers and spiritual intervention played a pivotal role in the political rise of Nyesom Wike, currently the Minister of the Federal Capital Territory (FCT).

Speaking during a sermon at the church’s headquarters in Port Harcourt, Ibiyeomie recounted how Wike approached him during critical moments in his Rivers State governorship campaigns, appearing visibly anxious and “shaking” before both his initial election and re-election.

According to the cleric, Wike had suffered legal setbacks before his first governorship win, losing in the High Court, Appeal Court, and facing an unfavorable Supreme Court ruling. Ibiyeomie said he reassured Wike, stating that God would intervene and even claimed to command a reversal of any adverse judgment.

READ ALSO:

“I called him while I was in Israel; he was shaking but I told him not to fear,” the pastor said. “I told him that God will step in, and he said ‘Papa, I believe you.’ After our Five Nights of Glory program, Wike walked up to me, and the judgment was to be announced on Friday. Even though he had no money at that time, the situation turned in his favour, and he later acknowledged, ‘Papa, I knew this is God.’”

Ibiyeomie also described similar circumstances during Wike’s second term campaign, asserting that political forces were attempting to block his re-election. The pastor said he again prayed and made a covenant with God, dedicating millions spiritually on Wike’s behalf, which he credited for Wike’s eventual victory.

The cleric’s revelations have sparked conversations about the influence of religious leaders in Nigerian politics, particularly in swaying outcomes through spiritual support. Wike, a two-term governor of Rivers State from 2015 to 2023 under the Peoples Democratic Party (PDP), has long been a controversial yet influential figure, and his political trajectory continues to attract national attention.

Ibiyeomie’s claims, widely shared in a viral video, underscore the ongoing debate over the intersection of faith and politics in Nigeria, highlighting how some clerics play prominent roles in political campaigns.

Pastor Says Divine Prayers Helped Nyesom Wike Win Two Terms as Rivers Governor

Continue Reading

News

Iran Ready to Help Nigeria Combat Boko Haram, ISWAP — Envoy

Published

on

Gholamreza Mahdavi Raja, Iran’s ambassador to Nigeria
Gholamreza Mahdavi Raja, Iran’s ambassador to Nigeria

Iran Ready to Help Nigeria Combat Boko Haram, ISWAP — Envoy

Iran has expressed its readiness to support Nigeria in the fight against terrorism, rejecting recent allegations that Tehran sponsors extremist movements in West Africa. The offer was made by Gholamreza Mahdavi Raja, Iran’s ambassador to Nigeria, during an interview on Arise Television in Abuja.

Raja emphasised that Islamic groups in Nigeria maintain only spiritual and cultural links with Iran and do not have political or operational ties. He highlighted that recent rallies and mourning events organised by Shi’ite groups in Nigeria were expressions of grief following the death of Iran’s former supreme leader, Ali Khamenei, and not evidence of Iranian sponsorship.

The ambassador’s remarks came after Israeli Ambassador Michael Freeman accused Iran of backing Islamic movements in Nigeria and across West Africa to spread terrorism globally. Freeman cited concerns over Iran’s ballistic missile and nuclear programmes, claiming Nigeria has been affected by terrorism allegedly linked to Tehran.

READ ALSO:

Responding to these claims, Raja called the accusations unfounded and politically motivated, stressing that Iran itself has been a victim of terrorism and has consistently condemned attacks worldwide. “We are ready to share our counterterrorism experience and assist countries like Nigeria that face extremist threats,” he said, noting Nigeria’s ongoing challenges with groups such as Boko Haram and the Islamic State West Africa Province (ISWAP).

Raja also underscored the importance of multilateral cooperation in tackling terrorism, adding that Iran is willing to work with Nigerian authorities to enhance security measures, protect citizens, and strengthen responses to insurgent violence.

The Iranian envoy’s statement aligns with the position of the Islamic Movement of Nigeria (IMN), which dismissed claims of Iranian backing as misleading and politically motivated. The controversy follows recent protests by IMN members across several Nigerian states in response to the strikes on Tehran carried out by the United States and Israel.

Iran’s offer of support comes at a time when Nigeria continues to grapple with rising insecurity, including repeated attacks by insurgent groups that have displaced communities and posed significant challenges to national security. Raja stressed that sharing Iran’s experience could help Nigeria address terrorism more effectively while highlighting the importance of moral and spiritual solidarity among Muslim communities.

Iran Ready to Help Nigeria Combat Boko Haram, ISWAP — Envoy

Continue Reading
HostArmada Affordable Cloud SSD Shared Hosting
HostArmada - Affordable Cloud SSD Web Hosting

Trending