FG Begins Audit Of 2010–2015 Activities Of 33 Agencies

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Nigerian President
President Muhammadu Buhari
2016 Hot Business Ideas

THE administration of President Muhammadu Buhari has commenced a comprehensive probe of income and expenditure of its important revenue generating agencies between 2010 and 2015.

Through the Office of Accountant General of the Federation, Federal Government, on Wednesday, flagged off the process that will be carried out by 18 audit consultancy firms to comprehensively review financial activities of its most important revenue generating agencies and parastatals in the last five years.

In the first phase of the probe, 33 agencies divided into categories A and B will be involved in an operation which will last 18 months.

Flagging off the audit at an interactive with the 18 consultancy firms in his office, Director of Funds in the Office of Accountant General of the Federation (OAGF), Alhaji Salau Zubairu, who represented his boss, said the first category comprised of eight agencies with a turnover of above N100 billion and category B, which involves 25 agencies, with a turnover of below N100 billion.

The Process Audit, according to him, would cover the period of 2010 till 2015.

The auditors are to undertake a critical review of the financial statements of the organisations and confirm the sources and quantum of funding received from government (whether loans, subventions, grants, etc.) and reconcile with treasury records.

They will also “review the sources of revenues accruing to the organisations and the effectiveness of revenue generation and accounting.

“Study in detail the enabling laws establishing the organisations, with a view to identifying possible constraints and areas of improvement.

“Establish the cost of operations and make appropriate recommendations to understand real and personnel cost profile, understand contractual recurrent expenses, understand cost associated with revenue collection or revenue sharing arrangements.

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