AUDITOR GENERAL RAISE ALARM OVER MISSING N500 BILLION AND ANOTHER $20 BILLION MEANT TO BE PUT IN GOVERNMENT ACCOUNT
At least 500 billion naira and 21 billion US dollars that are meant to be put into the Treasury Single Account (TSA) have gone missing.
Mr. Aghughu Arhotomhenla, the Auditor General of Nigeria who raised the alarm said the monies meant to be sent to the government purse landed into the accounts of private individuals.
The House of Representatives has launched an investigation into the missing funds in the bid to expose the offenders.
Abdullahi Abdukadir, Vice Chairman House Committee on Public Account told journalists that reports from the Auditor General, indicates that there has been sharp practices that lead to loss of revenue put at over 526 billion and 21 million dollars respectively.
The TSA was proposed by the federal government of Nigeria in 2012 under the Jonathan Administration and was fully implemented by the Buhari Administration.
It allows government banking to be unified, to enable the relevant stakeholders, such as the Ministry of Finance and Accountant General of the Federation to have full oversight of all cash flows across different bank accounts.