By Felix Khanoba
A prominent civil society group, Paradigm Leadership Support Initiative (PLSI) says its report has uncovered how the Federal Government lost a whopping N557 billion between 2013 and 2017.
Executive Director of PLSI, Olusegun Elemo, made this known on Friday at the fifth anniversary celebration of the organisation.
He called on the Federal Government of Nigeria to speed up process of enacting modern audit law to limit waste and inefficiency in management and utilization of public funds in the country.
He said the N557 billion loss was uncovered by PLSI research report, which was titled achieving accountability and development in Nigeria and presented at the event.
“This report examined compliance of federal ministries, departments, and agencies of government in Nigeria with Public Procurement Act, Financial Regulations, and other relevant laws over a five-year period to ascertain the level of waste and inefficiency in the utilization of public funds and the consequent impact on Nigeria’s development, ” he said.
Olusegun said among several recommendations proposed by the organisation to reduce loss of public funds on the part of the federal government, the immediate enactment of modem audit law stands out as priority without which accountability and development will not be achieved.
On his part, the Lead Researcher, Mr. Osonuga Adedeji while presenting the report highlighted some observations including contravention of provisions of Financial Regulations (2009) and some Treasury Circulars by many MDAs. weak internal control system, misappropriation and misapplication of fund, virement of funds without approval of the National Assembly, payment for contracts not executed thereby violating Procurement Act, payment without vouchers and supporting documents, non-collection of appropriate taxes among others.
Also speaking, the PLSI Board Chairman, Arc. (Rev) Polycarp Gbaja, said the organisation has worked hard over the last five years to ensure public funds are adequately accounted for especially at the federal level.
“While our organization is looking to transferring some of the gains we’ve recorded with our work at the federal level to subnational governments in Nigeria, it must be emphasized that the task of fostering accountability in the management and utilization of public funds has never been easy, but we are committed to it, and we will continue to ensure that accountability necessary for good governance and development of Nigeria becomes a norm,” Gbaja said.
The report recommended steps to be taken by the federal government to reduce infractions which includes improving skills for performance and accountability in the public service as well as improving corporate governance by the Boards of government statutory corporations, companies, and commissions otherwise called parastatals.
The keynote speakers at the event, Director General of Debt Management Office (DMO), Patience Oniha and Andrew Zamani-Director of Governance and Development Studies, Nasarawa State University, Keffi, harped on the need for Nigerians to embrace accountability in every facets to ensure rapid development of the country.
The event also witnessed panel discussion by representatives of notable civil society organisations on the best way to promote accountability and transparency in the country.
