27 March 2018

Tanzania: CAG Uncovers Sh7 Billion Loan Issued Irregularly By NSSF

Photo: The Citizen Tanzania
Magufuli ordered immediate suspension of top district officials for poor audit report.

Dar es Salaam — The Controller and Auditor General (CAG) has discovered an unexplained money given in excess of the Sh60 billion in loans issued by the National Social Security Fund (NSSF) to unnamed institutions.

The excess money, according to the CAG, stands to the tune of Sh7 billion, hence making the total amount given out in loans to be Sh67 billion.

CAG Prof Musa Assad said the loan agreements show that only Sh60 billion was supposed to be issued but somehow NSSF added another Sh7 billion of which there was no agreement.

"Loan agreement indicates that the amount targeted was Sh60 billion but NSSF authorised Sh7 billion more on the issued loan. So, my suspicions is that the money will be lost as there is no agreement attached to it," he said when handing the audit report for the financial year 2016/17 to President John Magufuli.

The report has generally revealed various misappropriations of public funds in local government authorities and parastatal organisations.

More on This

CAG - Progress Made, But...

The Controller and Auditor General (CAG) presented his audit report for the 2016/17 financial year to President John… Read more »

See What Everyone is Watching

Copyright © 2018 The Citizen. 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 700 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.