Estimated reading time: 5 minute(s)
Sodiq Mojibola
The Senate has insisted that the Auditor General of the Federation (AGF) refund N74 billion to the Federation account, following an audit report on the 2016 social benefit fund.
The report raised concerns over the payment of N262.4 billion as social benefits, which exceeded the budgeted amount of N188 billion, resulting in an extra-budgetary expenditure of N74 billion without proper breakdown.
The Senate Public Accounts Committee, chaired by Senator Mathew Urhoghide, sustained the indictment of the Accountant General of the Federation for failing to provide a breakdown of the total social benefits cost and accepted the observation of the Auditor General.
The Committee recommended that the AGF should refund the N74 billion in line with financial regulations.
“The total cost for social benefits amounted to N262.3 billion whereas the budget amount for the period was N188 billion as contained in the budget report, resulting in the extra-budgetary expenditure of N74 billion,” the query from the Auditor General read.
“In addition, it was observed that there was no breakdown of the total social benefits cost of N262 billion to disclose the different individual amounts for gratuity, pension and death benefits that make up social benefits,” he added.
The Senate adopted the recommendation of the Committee for the refund of N74 billion to the Federation account, emphasizing the importance of adhering to budgetary provisions and financial regulations in government expenditure.
This development underscores the need for transparency and accountability in the management of public funds, as well as the oversight role of the Senate in ensuring that government agencies and officials adhere to budgetary provisions and financial regulations in the interest of good governance.
Estimated reading time: 1 minute(s)
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