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AGF submits 2019 Audit report to NASS

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3 years ago

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The Auditor General of the Federation, Mr Adolphus Aghughu on Wednesday, submitted the 2019 Audit report to the Clerk to the National Assembly (CNA) Mr Ojo Amos.

The presentation ceremony was held at the National Assembly Complex, Abuja.

Aghughu said the audit was carried out on the 2019 Federal Government Consolidated Financial Statement,  which included unsubstantiated balances amounting to N4.973 trillion.

He however lamented that his office was incapacitated in so many ways from functioning effectively and efficiently as far as detection of mismanagement of public funds by the various Ministries, Departments and Agencies (MDAs) was concerned

“The N4.973 trillion unsubstantiated balances are above the materiality level of N89.34 billion set for the Audit.”

“In auditing, materiality means not just a quantified amount but the effect that amount will have in various contexts.

“During the auditing planning process, the auditor decides what the level of materiality will be taking into account the entirety of the financial statements to be audited.”

Aghughu said that auditing of consolidated financial statement of the Federal Government on yearly basis would be expeditiously carried out as made available by the office of the Accountant-General of the Federation .

“You will recall that on March 25, Audit of Consolidated Financial Statement of the Federal Government for the 2018 was submitted to this office for the required investigation of queries raised in it by the National Assembly .

“Just five months after, we are here again to make submission of the 2019 Audit Report,” he said.

He however decried that his office was not working the way it should due to myriad of factors crippling its operations and invariably giving room for all forms of financial infractions across the various MDAs.

He said that the problem incapacitating optimal functionality of the office’s mandate as far as thorough and appropriate l auditing of financial statements of the MDAs were concerned, was gross underfunding which was telling much on their efficiency .

“For example, the office is understaffed but there is no money for recruitment. Imagine many of our state offices having just two or three staff. Auditing is done by a team not by an individual.”

In his remarks, the Deputy Clerk to the National Assembly (DCNA), Mr Bala Yabani, who represented the CNA said the report presented would be submitted to both the President of the Senate, Ahmad Lawan and Speaker of the House of Representatives, Femi Gbajabiamila for the required legislative consideration.

He said that all the complaints made by the AGF would be tabled before the leadership of the National Assembly for required actions and solutions

” Your complaints are very germane. They will surely be conveyed to the appropriate quarters that will surely do the needful on them because the people heading the quarters have listening ears,” he said. (NAN)

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Business & Economy

Kaduna refinery will begin production in December – NNPCL Boss, Kyari

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1 month ago

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March 19, 2024

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The Group Managing Director of the Nigerian National Petroleum Company Limited, NNPCL,Mele Kyari has disclosed that the refinery in Kaduna State will be ready for production by December 2024.

He disclosed this during a meeting with the Independent Petroleum Marketers Association of Nigeria and the Major Energy Marketers Association of Nigeria in Abuja.

He disclosed that operations at the Port Harcourt refinery are scheduled to begin in two weeks.

According to Kyari: “We did a mechanical completion of the (Port Harcourt) refinery, that was what we said in December. We now have crude oil already stocked in the refinery. We are doing regulatory compliance tests that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in the next two weeks.

“Completing the mechanical work means that you are done with the rehabilitation work, now you have to test to see how it works. Of course, we have also completed the mechanical work on the Warri refinery.

“It is also undergoing regulatory compliance; processes that we are doing with our regulator, and this will soon be completed and it will be ready.

“The Kaduna refinery will be ready by December. We have not reached that stage in Kaduna, but we promise Kaduna will be delivered by December.”

 

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Business & Economy

Edun Blames Economic Hardship On Free Printing Of Naira During Buhari’s Govt

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1 month ago

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March 7, 2024

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Minister of Finance, Wale Edun, stated this on Wednesday when he appeared before the Senate Committee on Finance chaired by Senator Sani Musa.

The Federal Government has disclosed that the free printing of naira notes for eight years, under the previous administration went into the hands of a privileged few, without corresponding productivity, resulting in the country’s current economic situation.

Minister of Finance, Wale Edun, stated this on Wednesday when he appeared before the Senate Committee on Finance chaired by Senator Sani Musa.

While elaborating on measures to revamp the economy, the Finance minister vowed to thoroughly audit the 22.7 trillion naira, and mop up the monies from the market and use it to pay the central bank to give the government a balanced book.

Responding to questions, the finance minister addressed the issue of waivers on customs duty running into trillions of naira, promising to overhaul the system, rejig it and implement a technology and payment system that would correct all anomalies in place.

He further disclosed that a total of 13 trillion naira was collected as non-oil revenue in 2023.

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Business & Economy

Harsh Economy: FG To Begin Distribution Of Grains Nationwide 

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2 months ago

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March 4, 2024

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The Federal Government will begin the distribution of grains nationwide to cushion the impacts of the hardship in Nigeria.

Minister of Agriculture and Food Security Senator Abubakar Kyari disclosed this on Monday.

“Dear Fellow Nigerians,” he wrote on his official X handle. “In these trying times, I extend my sincere compassion to those affected by the hardships in the country. I understand the gravity of the situation, especially with the unfortunate event of foodstuff warehouse looting.

“Amidst these challenges, I want to assure you that our commitment to your well-being remains resolute. We shall commence the distribution of 42,000 metric tons of grains, as approved by Mr. President, across the 36 states of the federation as one of the programs to be rolled out this week.

“We are working hand in hand with NEMA and the DSS to ensure that the grains get to the right people in the right packages and quantities. Furthermore, 58,500 metric tons of milled rice from mega rice millers will also be released into the market for stabilization.”

The minister who hailed the resilience of the Nigerian people, urged them to back President Bola Tinubu’s government in its quest to address the challenges facing the country.

“I acknowledge the strength of the Nigerian people, and it is this resilience that will guide us through these difficult times. Let us stand together to support Mr. President in his strive for a better Nigeria,” Kyari said.

“Our government under the leadership of President Bola Ahmed Tinubu is committed to addressing these challenges and working towards a more secure and prosperous future for all.”

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