From Ndubuisi Orji, Abuja
The House of Representatives Public Account Committee ( PAC) has said that there are over N250billion public expenditure unaccounted for, in the Office of the Auditor General of the Federation’s report for the 2020/2021 fiscal year.
The PAC chairman, Bamidele Salam, who stated this, on Tuesday, in Abuja , at a pre-conference press briefing for the National Conference on Public Accounts and Fiscal Governance (NCPAFG), said this is in addition high incidents of unauthorized virements within the same period.
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Salam noted that the trend if not checked will continue to erode public confidence in government, ” undermine sustainable national development, and weaken our democratic institutions.”
He explained that the conference, is convened as a key component of the legislative agenda of the 10th House to strengthen good governance and ensure sustainable development.
According to him, “as a crucial stakeholder charged with the constitutional mandate to oversight public financial management activities and review reports of audit and accounting institutions, we note that Nigeria stands today at a critical juncture in its journey toward fiscal governance reforms.
“While some progress has been made over the years and particularly the notable reforms under the current administration, entrenched systemic challenges remain. These challenges include limited full-cycle audit implementation, high-level institutional financial leakages, a skewed and opaque public financial reporting system, and widespread non-enforcement of financial protocols across MDAs at all levels of government.
“Available records from 2020/2021 Auditor Generals reports reveal that over a quarter-trillion Naira in public expenditures remain unaccounted for, with high incidents of unauthorized virements, growing numbers of audit queries each fiscal year, and the reported cases of more than 60% of MDAs persistently failing to comply with financial regulations.”
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