Business
MDAs mismanage N105.66bn, says Auditor-General report
The office of the Auditor-General for the Federation (AuGF) has noted some irregularities in the accounts of ministries, departments and agencies (MDAs) of government through disbursement and utilisation of public funds.
The AuGF said transparency and accountability in government financial management systems were important, particularly given the country’s dwindling revenues as well as the impact on annual budget.
The auditor general, in the latest annual report on the financial conduct of public institutions, on its website, lamented that a total sum of N105.66 billion had been expended by the MDAs in breach of extant rules and regulations.
The development came amidst reforms undertaken by the Buhari administration to instill sanity in the public procurement and finance system.
The report stated that N18.36 billion had been awarded for contracts with disregard to the Public Procurement Act.
The AuGF also expressed concern over the persisted inherent weaknesses in the system despite his previous recommendations to the Minister of Finance, Budget and National Planning as well as the Accountant General of the Federation for prompt actions.
The latest audit assessment stressed the need for authorities to enforce strict compliance with legislations, rules and regulations across all MDAs.
It said the Public Accounts Committees of both chambers of the National Assembly should look deeply into the issues raised in the report and ensure the reports and resolutions of the legislature on these matters are forwarded to the executive for implementation.
It added that clear sanctions should also be imposed on erring officers going forward.
The audit revealed that revenue amounting to N54.69 billion was not remitted to government coffers by agencies.
It stated that while 18 revenue-generating agencies failed in their statutory obligations of remitting revenue generated to the Consolidated Revenue Fund (CRF), 17 other MDAs failed to either deduct or remit deductions by way of Value Added Tax (VAT), Withholding Tax (WHT), Pay As You Earn (PAYE) and Stamp Duties.
The audit, among other things, found that 72 payments, amounting to N23.48 billion, were made by 43 MDAs in violation of extant rules.
It stated that irregularities and failure to comply with regulations in the spending of public funds could result in the misapplication or misappropriation of funds.
Moreover, 25 MDAs awarded 52 contracts totaling N18.36 billion, in violation of the Public Procurement Act, 2007, the audit added.
The AuGF said, “The violation ranges from disregard to due process, irregularity in payment for contracts, excessive pricing of procurements, payment for services not rendered, payment in full for uncompleted projects and other similar infractions.”
It also warned that a breach of the Procurement Act and other weaknesses in procurement processes could be deliberate means to siphon public funds.
It said while the amounts involved in the infractions should be recovered into government coffers, sanctions in sections of the Procurement Act should apply against erring officers.
It added that erring MDAs should be denied budget appropriations as well as the affected accounting officers being surcharged.
Some of the agencies indicted by the audit report for breaching due process, financial mismanagement, and non-compliance with financial regulations, among others, are the National Agency for Food and Drugs Administration (NAFDAC), Federal Ministry of Finance, National Identity Management Commission (NIMC), the Bank of Industry (BoI), Financial Reporting Council of Nigeria (FRCN) and the Nigerian Social Insurance Trust Fund (NSITF).
Others are the Nigerian Maritime Administration and Safety Agency (NIMASA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Petroleum Products Pricing Regulatory Agency (PPPRA) and the Federal Ministry of Works and Housing.
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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