External loan: Senate adopts 2015 Audit Report against AGF over $274.2m loss

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Before embarking on its current recess, the Senate adopted 2015 Audit Report which indicted officials of Office of Accountant General of the Federation ( AGF) on alleged loss of $274.2 million (N54.1bn) from external loan payment.

This is contained in the report of Senate Committee on Public Accounts chaired by Senator Matthew Urhoghide (PDP Edo South).

The Senate in its resolution asked the Accountant General of the Federation, Ahmed Idris, to identify the officers responsible and sanction them for mismanagement of public fund in accordance with Rule 3115 of the Financial Regulations and for gross misconduct.

The Rule 3115 of the Financial Regulations reads, ” An accounting officer who is queried for his failure to manage or spend public funds, effectively or who spends public money without due regard to economy contrary to FR 415 and fails to reply to the query, shall be removed from the schedule and be disciplined in accordance with the Public Service Rules.

The query to Accountant General of Federation from Auditor General of Federation titled; “Inconsistent Exchange Loss Difference on External Loans”, reads, “During the examination of Note 51 and Appendix to Note 52, it was observed that there was a total exchange loss difference of $278.2 million (N54.1bn) reported by the Office of the Accountant- General of the Federation in the document provided but this could not be found in the DMO document.

“The Accountant General of the Federation in his response maintained that the closing balance is as provided by DMO while the exchange difference of $274.2 million (N54.1bn) was as a result of multiple currencies that were involved and single exchange rate.

“The Account-General of the Federation is therefore required to provide the source (s) of the exchange loss difference of $274.2 million (N54.1 billion) with documentary evidence.

“Provide the calculations showing how these figures were arrived at and the reasons for the exchange loss for each of the figures should be explained.”

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