The Nigerian Senate has indicted the Office of the Accountant General of the Federation over its failure to repay short term loans given to Ministries, Departments and Agencies (MDAs) from Special Funds Accounts totaling N910 billion.
This followed the discovery made after thorough investigation by the Senate Public Accounts Committee (SPAC) chaired by Senator Mathew Urhoghide in the submission of 2017 report of the office of the Auditor General.
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According to the query issued by the report, loans and debts arising from Special Funds Accounts totalling N910,039,557,742 showed that the balances remained unpaid throughout the year under review even though they were meant to be short term.
But the office of the accountant general, in its response, claimed that several letters have been written to the Minister of Finance, Budget and National Planning to authorize the settlement of the loans granted against allocations of various MDAs affected
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The request to include the loans repayment in the 2017 budget, it added, had been forwarded to the minister’s office.
However, the Senate panel said it observed continuous abuse of the Special Funds by the Executive as the withdrawals are continually made for political expediency outside the purpose for which the funds were meant.
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“There is continuous abuse of the Special Funds by the Executive as the withdrawals are continually made for political expediency outside the purpose which the funds were meant,” the report stated.
Meanwhile, Senate has directed the Executive Chairman of Imo state Universal Basic Education Board, SUBEB to account for N482million paid to companies that were not financially capable contrary to requirement of extant rules
Chairman of the board failed to appear before the committee to defend the allegation of payment without due process.
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