Auditor General: FG’s 2019 Audit Report Contains N4.973trn Unsubstantiated Balances Deji Elumoye The Auditor General of the Federation (AuGF), Adolphus Aghughu, has painted an unpleasant picture of the audited accounts of federal Ministries, Departments and Agencies in 2019, saying unsubstantiated balances totalling the sum of N4.973trillion was observed by his
office in the audit carried out on the consolidated financial statement for the fiscal year. He also lamented that his office had been incapacitated in so many ways from functioning effectively and efficiently as far as the detection of mismanagement of public funds by the various MDAs was concerned.
Speaking yesterday while submitting the 2019 Audit report to the Clerk of the National Assembly (CNA), Ojo Amos Olatunde, the Auditor General revealed that, "from the audit carried out on the 2019 Federal Government Consolidated Financial Statement, unsubstantiated balances amounting to N4.973 trillion were observed
"The N4.973 trillion unsubstantiated balances are above the materiality level of N89.34 billion set for the Audit," he explained. In auditing, materiality means not just a quantified amount, but the effect that amount would have in various contexts. During the auditing planning process, the auditor decides what the
level of materiality will be, taking into account, the entirety of the financial statements to be audited. According to the AGF, auditing of consolidated financial statement of the federal government on yearly basis would be expeditiously carried out once made available by the office of the Accountant General of the Federation.
He said: "You will recall that on March 25th this year, Audit of Consolidated Financial Statement of the Federal Government for the 2018 was submitted to this office for the required investigation of queries raised in it by the National Assembly. Just five months after, we Continued on page 8
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PIA: Buhari Blames Past Leaders for Lacking Political Will to Transform Sector Says Nigeria lost $50bn investments in 10 years over non-passage of PIB Sylva: NNPC will no longer handle federation crude sales Govs pick holes in new law Legislation can be brought back to NASS for amendment, says Lawan FIRS: Act will affect Nigeria’s 2022 revenues New law not perfect, but step in right direction, says NEITI boss Ozekhome: It's Robbing Peter to Pay Paul Statute reflects APC's commitment to restructure Nigeria’s Economy, Say APC Governors Deji Elumoye, Alex Enumah, Emmanuel Addeh, Adedayo Akinwale, Udora Orizu, in Abuja; Dike Onwuamaeze, Emma Okonji and Nosa Alekhuogie in Lagos President Muhammadu Buhari yesterday accused his predecessors of not having the political will to transform the petroleum industry in the last two decades. He also disclosed that Nigeria lost an estimated $50 billion worth of investments in 10 years, due to uncertainty over the non-passage and signing of the Petroleum Industry Bill (PIB) into law, lack of progress and stagnation in the petroleum sector. Also, the Minister of State for Petroleum Resources, Chief Timipre Sylva, has explained that with the PIA set to take off in earnest, the Nigerian National Petroleum Corporation (NNPC) will no longer handle the sale of crude oil that goes into the federation account. But in spite of praises the federal government has been receiving Continued on page 8
PIA ON THEIR MINDS …
L–R: Deputy Senate President , Senator Ovie Omo–Agege ; Deputy Speaker, House of Representatives, Ahmed Idris Wase ; Vice President Yemi Osinbajo; President Muhammadu Buhari, and Senate President, Senator Ahmed Lawan, shortly after the inaugural remarks on the Petroleum Industry Act (PIA), during the Federal Executive Council (FEC) meeting held at the Presidential Villa, Abuja...yesterday. PHOTO: GOWIN OMOIGUI
US Commits $73m Towards Nigeria’s COVID-19 Response… Page 50