THE Senate has unraveled how some officials of the Office of Accountant General of the Federation made Nigeria to lose $274.2 million (N54.1 billion) on external loan.

Consequently, it asked the Accountant General of the Federation, Ahmed Idris, to identify the officers responsible and sanction them for mismanagement of public funds, in accordance with Rule 3115 of the Financial Regulations and for gross misconduct .

The revealation is contained in the report of Senate Committee on Public Accounts, chaired by Senator Matthew Urhoghide, Peoples Democratic Party, PDP, Edo South, approved by the red chamber before senators proceeded on annual recess.



Rule 3115 of the Financial Regulations read: “An accounting officer, who is queried for his failure to manage or spend public funds, effectively or who spends public money without due regard to economy contrary to FR 415 and fails to reply to the query, shall be removed from the schedule and disciplined in accordance with the Public Service Rules.”

The query to the Accountant General of the Federation from the Auditor-General of the Federation, entitled “Inconsistent Exchange Loss Difference on External Loans,” read: ‘’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 (N54.1 billion) 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 (N54.1 billion) 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 (N54.1 billion) was a result of multiple currencies that were involved and single exchange rate.


“The Account-General of the Federation is thus 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.”


Recall that the Senate in its resolution, after the presentation by Senator Urhoghide, upheld the recommendation of the committee for officials involved to be sanctioned.

The report is 2015 Auditor-General of the Federation report on financial statement of the Federal Government of Nigeria and the Federation Account.

https://www.vanguardngr.com/2021/07/how-officials-in-agfs-office-made-nigeria-lose-274-2m-on-external-loan/amp/?

Terrible people. So many incompetence in this government

The worst AGF and incoming clueless president of Nigeria I dey hail

nairavsdollars:
Terrible people. So many incompetence in this government

The worst AGF and incoming clueless president of Nigeria, Malami I dey hail

WE HAVE A USELESS GOVERNMENT


SUPPORT FOR THEM IS DWINDLING ON NAIRALAND. PERHAPS THE STIPENDS HAVE STOPPED COMING

The waster is more destructive than the slotful!

osamz007:
WE HAVE A USELESS GOVERNMENT


SUPPORT FOR THEM IS DWINDLING ON NAIRALAND. PERHAPS THE STIPENDS HAVE STOPPED COMING

Some are still aleti lapa, like ram griller

I can see the acclaimed auditor, seunmsg here, to defend as usual

Won ti SALO

iwaeda:
I can see the acclaimed auditor, seunmsg here, to defend as usual

If you have sense, you should have noticed that the query was originally issued by the Office of the Auditor General for the Federation.

seunmsg:


If you have sense, you should have noticed that the query was originally issued by the Office of the Auditor General for the Federation.

Won ti De pada . You were not properly brought up, you dont tell people they lack sense. You are not OMOLUABI!

It took 6 years to respond to a query from auditor and no noise about it!
This was 2015 audited report!

iwaeda:


Won ti De pada . You were not properly brought up, you dont tell people they lack sense. You are not OMOLUABI!

It took 6 years to respond to a query from auditor and no noise about it!
This was 2015 audited report!

So, whose fault is it that the 2015 Audit report is just being considered in 2021? Let’s see how knowledgeable you are about the matter.

seunmsg:


So, whose fault is it that the 2015 Audit report is just being considered in 2021? Let’s see how knowledgeable you are about the matter.

The fault of Nobody in Charge!

iwaeda:


The fault of Nobody in Charge!

Olodo. Folks like you make so much noise and in reality, you know little or nothing about what you’re making noise about. PDP lawmakers are in charge and they should get blamed for their incompetence and corruption.

The 2015 audit report was submitted since 2016. It is the constitutional responsibility of the senate and house of reps committees on public accounts to immediately consider the report and pass their decision to the executive for implementation.

Also, by extant regulation, the two committees must be Chaired by a member of the opposition party (PDP). So, why has the Mathew Urhoghide (PDP) led senate committee not done anything on the report since 2016? Speaks to the corruption and incompetence of PDP members.

The public accounts committee of the two houses are the only constitutionally created committees in the senate and house of reps. They are both chaired by an opposition lawmaker so as to expose the corruption perpetrated by the ruling party as reported by the Auditor General. But no, they won’t do their job with diligence. All they do is consider audit reports 5 years after submission and even at that, their priority is to collect bribe from the heads of indicted MDAS and sweep all the issues under the carpet.

seunmsg:


Olodo. Folks like you make so much noise and in reality, you know little or nothing about what you’re making noise about. PDP lawmakers are in charge and they should get blamed for their incompetence and corruption.

The 2015 audit report was submitted since 2016. It is the constitutional responsibility of the senate and house of reps committees on public accounts to immediately consider the report and pass their decision to the executive for implementation.

Also, by extant regulation, the two committees must be Chaired by a member of the opposition party (PDP). So, why has the Mathew Urhoghide (PDP) led senate committee not done anything on the report since 2016? Speaks to the corruption and incompetence of PDP members.

The public accounts committee of the two houses are the only constitutionally created committees in the senate and house of reps. They are both chaired by an opposition lawmaker so as to expose the corruption perpetrated by the ruling party as reported by the Auditor General. But no, they won’t do their job with diligence. All they do is consider audit reports 5 years after submission and even at that, their priority is to collect bribe ofrom the heads of indicted MDAS and sweep all the issues under the carpet.

Lori Iro. Always looking for the blame spade.
AGF always covering after pilfering.

Lalasticlala.