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Nigeria loses $274.2m on external loans – Senate report reveals

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The Workplace of the Accountant Common of the Federation has been accused of constructing Nigeria to lose a distinction of $274.2million (N54.1billion) on exterior loans by the federal authorities.

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The accusation was contained within the report of the Senate Committee on Public Accounts, chaired by Senator Matthew Urhoghide, which was accepted by the Purple Chamber earlier than continuing to annual recess.

The senate, in its decision, requested the Accountant Common of the Federation, Ahmed Idris to establish the officers accountable and sanctioned them for mismanagement of public funds in accordance with Rule 3115 of the Monetary Rules and for gross misconduct.

The Rule 3115 of the Monetary Rules reads: “An accounting officer who’s queried for his failure to handle or spend public funds, successfully or who spends public cash with out due regard to financial system opposite to FR 415 and fails to answer to the question shall be faraway from the schedule and be disciplined in accordance with the general public service guidelines.”

The question to Accountant Common of Federation from Auditor Common for the Federation titled: “Inconsistent Change Loss Distinction on Exterior Loans”, reads: “Throughout the examination of Be aware 51 and Appendix to Be aware 52, it was noticed that there was a complete trade loss distinction of $278.2 million (N54.1billion) reported by the Workplace of the Accountant- Common of the Federation within the doc supplied however this might not be discovered within the DMO doc.

“Additionally, the factors for arriving on the trade loss distinction of $274.2 million (N54.1billion) was not disclosed.

“The Accountant Common of the Federation in his response maintained that the closing stability is as supplied by DMO whereas the trade distinction of $274.2 million (N54.1billion) was on account of a number of currencies that had been concerned and single trade fee.

“The Account-Common of the Federation is required to supply the supply(s) of the trade loss distinction of $274.2 million (N54.1 billion) with documentary proof.

“Present the calculations exhibiting how these figures had been arrived at and the explanations for the trade loss for every of the figures needs to be defined.

“Disclose the supply of trade distinction in a observe.”

The Senate, subsequently, in its decision after the presentation by Senator Urhoghide upheld the suggestions of the committee for officers concerned to be sanctioned.

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