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Senate reveals how Office of Accountant General strips Nigeria N54b on external loans

The Senate has revealed how some officials of Office of the Accountant General of the Federation strips Nigeria of N54.1 billion on external loans.

Senate made the allegation in a report by the Senate Committee on Public Accounts chaired by Senator Matthew Urhoghide.

In a query titled: “Inconsistent Exchange Loss Difference on External Loans” to Accountant General of Federation, the Auditor General for the Federation wrote:

“During the examination of Note 51 and Appendix to Note 52, it was observed that there was a total exchange loss difference of $278.2 million (N54.1billion) reported by the Office of the Accountant- General of the Federation in the document provided but this could not be found in the DMO document.

“Also, the criteria for arriving at the exchange loss difference of $274.2 million (N54.1billion) was not disclosed.

“The Accountant General of the Federation in his response maintained that the closing balance is as provided by DMO while the exchange difference of $274.2 million (N54.1billion) was as a result of multiple currencies that were involved and single exchange rate.”

The senate, in its resolution, therefore, asked the Accountant General of the Federation, Ahmed Idris to identify the officers responsible and sanctioned them for mismanagement of public funds in accordance with Rule 3115 of the Financial Regulations and for gross misconduct.

It stated further: “The Account-General of the Federation is required to provide the source(s) of the exchange loss difference of $274.2 million (N54.1 billion) with documentary evidence.

“Provide the calculations showing how these figures were arrived at and the reasons for the exchange loss for each of the figures should be explained.

“Disclose the source of exchange difference in a note,.” the resolution concluded.

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