$21bn, N526bn revenue losses: Trouble looms as Reps probe government agencies

The House of Representatives has set up an inquest into federal government revenue leakages to the tune of over $21billion and N526billion.

An adopted motion, by Rep. Abdullahi Sa’ad Abdulkadir, recalled that “the Auditor General for the Federation had raised several queries on the Federation Account, particularly covering 2015 to 2017 as regards losses of income due to leakages, financial misapplication, misappropriation, under-reporting and falsification and which was corroborated by the Forensic Audit Report by KPMG that indicted some Federal Government Agencies for losses of up to N526 billion and $21 billion”.

The motion noted that “the losses were allegedly occasioned by an interplay of activities of persons both in the public and private sectors of the Nigerian economy, including multinational companies and the continued exploitation of Nigeria’s economy through the deployment of deceitful and irregular accounting practices is resulting in huge capital flight, deficit balances and a weakened economy”.

He raised awareness that “Sections 88 & 89 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) confer on the Legislature power to investigate with the aim of exposing corruption, inefficiency and blocking waste in the administration of public funds”, warning that “ if urgent steps are not taken to address those hydra-headed issues, they may lead to a total collapse of the economy with its attendant social and political crisis”.

In adopting the motion, without debate, the House mandated “the Committee on Public Accounts to investigate the allegations and report back within eight (8) weeks for further legislative action”.