CBN directs banks to start deducting cybersecurity levies from customers
Business
Auditor general queries ministry’s N3.8bn spending from suspended RUGA fund
The Office of the Auditor-General of the Federation has queried the Federal Ministry of Agriculture for spending a total sum of N3.809bn on the suspended Rural Grazing Area scheme without a presidential approval or National Assembly appropriation.
The query is part of the eight audit queries issued against the ministry in the ‘Auditor-General for the Federation’s Annual Report on Non-Compliance/Internal Control Weaknesses Issues in Ministries, Departments and Agencies of the Federal Government of Nigeria for the Year Ended 31st December, 2019.’
The OAuGF had queried expenditures totaling N60,795,898,225.84 by the ministry.
The Acting Auditor-General of the Federation, Adolphus Aghughu, presented the report to the Clerk to the National Assembly, Ojo Amos, on September 15, 2021, while the Senate and House Committees on Public Accounts commenced investigation into the queries.
The Federal Government had introduced the RUGA scheme in May 2019 but was forced to suspend it in the July of the same year due to the wide criticisms that trailed it.
According to the OAuGF, the ministry, in violation of the presidential directive suspending the scheme, allegedly initiated and paid out N3.433bn without due process.
The query read in part, “Ninety-five (95) payment vouchers were raised and paid from RUGA Intervention Fund between 1st August, 2019, and13th September, 2019, totaling N3,433,984,692.66, and the above payments were initiated and paid without due process after the Presidential directive suspending the RUGA project.”
READ ALSO:
- Itunu Babalola: FG, Family Reject Autopsy, Demand Justice
- Ogun Begins Demolition Of Shanties Along Lagos-Ibadan Expressway
- Pastor Tunde Bakare Swims In N9bn WEMA Bank Debt
The ministry also paid out an additional N375,785,893.75 to some individuals and corporate organisations from the RUGA Intervention Fund through 13 payment vouchers without approval, according to the Auditor-General.
According to the report, the payments include N202.7m and N160m paid for transportation and other expenses in support of victims of banditry in Zamfara State, and advance payment meant for sensitisation and advocacy visits to the Governor of the state, respectively.
The report quoted the ministry’s management to have said, “The action is regretted and is also being investigated.”
The office, however, blamed the two expenditures on weaknesses in the internal control system at the Federal Ministry of Agriculture and Rural Development.
The Auditor-General consequently recommended that the withdrawals from the RUGA Intervention Fund be refunded to the Federal Government’s coffers as they were in breach of the extant laws and the financial regulations of the country.
The report also indicted the ministry over extra-budgetary spending of about N48.425bn on contractual liabilities, adding that despite a budgetary release of N98,044,134,611, representing 99.07 per cent of its 2018 capital allocation, the ministry did not take necessary actions to pay eligible contractors, which led to an outstanding contract liability of N48.425bn.
The office also accused the ministry of misappropriating the sum of N7.737bn first quarter capital allocation while paying for the 2018 capital projects, which was fully funded and released.
The query read in part, “There were no acceptable justifications for utilising 2019 1st quarter capital release to pay for 2018projects.”
The Auditor-General, therefore, demanded that the Permanent Secretary of the ministry be asked to give valid reasons for paying for projects fully funded from 2019 releases.
The office also demanded that the money be recovered and returned to government coffers with evidence forwarded to the Public Accounts Committees of the National Assembly or be sanctioned in accordance with financial regulations.
READ ALSO:
- Dog eats drunk herbalist’s private parts in Calabar
- 2023 presidency: Power must shift to South, says Masari
- Igbaye Crisis: Mob sets palace, 2 cars, 10 motorcycles ablaze in Osun
The audit report also accused the ministry of failure to deduct and remit over N89m stamp duty on contracts in violation of Federal Treasury Circular which makes it mandatory for all MDAs to deduct and remit one per cent stamp duty on contract agreement before payment is made to the beneficiary.
The report further alleged that the ministry paid Value Added Tax of N24,799,539.17 directly to contractors in violation to Paragraph 234 (ii) of the Financial Regulations (2009) which states that, ‘Any loss of government revenue through direct payment of VAT and WHT to contractor or failure to provide for VAT and WHT due and remitting same to the Federal Inland Revenue Service by any ministry/extra-ministerial department shall be recovered from the statutory allocation of the defaulting ministry/extra ministerial office and other arms of government.’
The Auditor-General further indicted the ministry for allegedly violating the Federal Government’s e-payment policy as contained in the government’s E-payment Circular Ref. No. TRY/A8/B8/2008 dated October 22, 2008.
The office said the ministry paid N700,179,314.37to persons other than the direct beneficiaries of such payments through eight payment vouchers, adding that the ministry’s response to the expenditure was that “direct payment could not be made to beneficiaries because they were yet to be enrolled on the GIFMIS Platform; however, efforts are ongoing to conclude the enrollment process.”
The report also accused the ministry of failure to deduct and remit Withholding Tax and Value Added Tax of N8,886,291.47 from two contractors to relevant tax authorities as required by extant regulations.
Punch
Business
CBN directs banks to start deducting cybersecurity levies from customers
The apex bank announced this on Monday, May 6, 2024, in a circular signed by Chibuzor Efobi, Director of Payments System Management, and Haruna Mustafa, Director of Financial Policy and Regulation.
Business
Forex: FG to delist naira from P2P platforms
Forex: FG to delist naira from P2P platforms
The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.
Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.
The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.
In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.
This is part of a number of regulations to be rolled out in the coming days.
He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.
“I want your cooperation in dealing with this as we roll out regulations in the coming days.”
The SEC DG decried how some market players were manipulating the value of the naira.
This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.
Business
Ikeja Electric cuts tariff for Band A customers
Ikeja Electric cuts tariff for Band A customers
The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h
This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.
The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.
Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.
-
Entertainment2 days ago
Nollywood veteran Shan George weeps as fraudster clears ₦3.6m from her account (VIDEO)
-
International2 days ago
Gaza: Thousands rally for hostage deal as ceasefire talks continue
-
metro2 days ago
DSS seals Plateau clinic over patient’s death
-
Opinion2 days ago
Who has bewitched our beloved America? – Femi Fani-Kayode
-
Sports2 days ago
Ronaldo’s hat-trick leads Al Nassr to 6-0 victory over Al Wehda
-
International8 hours ago
Netanyahu rubbishes Hamas ceasefire proposal
-
metro3 days ago
My wife slept with our plumber, connived to dupe me — Man tells court
-
News1 day ago
Fubara: I have moved on with governance despite political pressure