8 March 2018

Nigeria: Senate Moves to Suspend 444 Parastatals' Budgets for Non-Submission of Audit Report

The Senate has resolved to suspend the budgetary provisions of 444 parastatals, which fail to comply with the constitutional requirement of auditing its account before the deadline of May 28 this year and having arrears of two years and above.

This is coming on the heels of disclosure that out of the 491 parastatals owned by the Federal Government, only 47 complied so far. Chairman of the Committee on Public Accounts, Matthew Urhoghide, stated this when it submitted its report on the status of compliance of parastatals' submission of audited accounts to the office of the Auditor-General of the Federation.

By the report, the auditor-general of the federation is vested with the powers to audit the public accounts of the federation and all offices and courts by the provisions of Section 85 (2) of the Constitution.

Also, the report clearly indicated that all the parastatals under the Federal Capital Territory (FCT) have not from inception submitted any audited accounts as well as the federal-owned polytechnics.

Majority of the lawmakers, who spoke during the debate, affirmed that failure to submit audited accounts report by the agencies was criminal and constitutionally punishable.


Govt to Borrow U.S.$4,4 Billion for 2018 Budget Deficit

The federal government has pencilled down a plan to borrow a total of N1.643 trillion to fund the deficit in the 2018… Read more »

See What Everyone is Watching

Copyright © 2018 The Guardian. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.