The annual Audit report of year 2014 presented to the National Assembly on Monday by the office of the Auditor General of the Federation has been said by the Federal Government to be riddled with discrepancies of about N3.3 trillion.
The discrepancies due to remittance of funds by the various Ministries, Departments and Agencies was detected to have amounted to as much as N3.3 trillion in the fiscal year audited alone.
The audit report showed that in the 2014 fiscal year, the Nigerian National Petroleum Corporation, NNPC, failed to remit the sum of N3,234, 577,666,791.35 into the Federation’s Account Allocation Committee, the audit report also found out that a total of $235,685,861 from gas sale in 2014 by the Nigeria Liquefied Natural Gas was not remitted into the account either and instead was transfer into some undisclosed Escrow Accounts.
In the report, a total of N36,432,423,968.73 for rehabilitation and construction of dams was allocated to the office of the National Security Adviser headed by Col. Sambo Dasuki (Rtd.), it also added that during the Ebola virus outbreak, a total of N2,894,531,250.00 was spent on procurement of hand sanitisers for schools and critical public places.
“The sum of N31,324,952,239.87 was paid as subsidy on fertilizer and youth employment in agricultural programmes.
“The sum of N2,395,851,978.00 was payment for group Life Assurance Premium for Armed Forces budget in 2013, but not backed (by cash). The sum of N500,000,000 was made as payment for agricultural programmes.
“These were variances with the purpose of the fund. No evidence of these lines of expenditure in the 2014 Appropriation Act.”
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