Suspended AGF signs N26tn financial statement

Suspended AGF signs N26tn financial statement
Suspended AGF signs N26tn financial statement

In a startling revelation during a recent session of the Senate Public Accounts Committee, it was disclosed that the Federal Government’s financial statement for the year 2019, totaling N26 trillion, was unilaterally signed by the former Accountant General of the Federation.

The audit report brought this issue to light, emphasizing that the financial statement was signed without the necessary counter-signature by the then Minister of Finance, which goes against financial regulations.

Audit report exposes violations

The Auditor-General of the Federation, in a 2019 report submitted to the National Assembly, cited specific provisions of the Financial Regulations to support this claim.

According to paragraph 103 of the Financial Regulations, the responsibility for all financial matters of the government of the federation is assigned to the Minister of Finance by the President of Nigeria.

Paragraph 105 empowers the Minister of Finance to issue financial regulations of general application to government ministries, extra-ministerial offices, and other governmental entities.

The report identified Ahmed Idris as the Accountant General of the Federation at the time of this incident. He was subsequently suspended from office due to allegations of financial malfeasance amounting to N109 billion.

The audit report underlined several anomalies in the financial statement, stating that it lacked the Accountant General’s FRC of Nigeria registration number, a component requiring the approval of the Consolidated Financial Statement (CFS).

It noted the absence of the signature of the Honorable Minister of Finance, Budget, and National Planning, along with her FRC of Nigeria registration number on the Consolidated Statement of Financial Position.

These discrepancies are attributed to weaknesses in the internal control system governing the consolidation process.

In response to the audit report, the acting Accountant General of the Federation, Toyin Madein, clarified that she did not hold the position of Accountant General at the time when the financial statement was signed.