The House of Representatives Committee on Public Accounts has asked the Office of the Accountant-General of the Federation to forward the financial statement on the utilisation of the N2.2tn revenue accruing from foreign and domestic debts raised by Debt Management Office.

Chairman of the committee, Oluwole Oke, made the request based on a query issued against the DMO for the 2018 financial year.

Oke said apart from details of the utilisation of the fund, the committee also wanted to know the reason it reflected in the DMO’s financial statement.

He asked why the office could not account for the money that was appropriated for, which also did not appear in the books of the OAGF.

The lawmaker said, “We should hold you liable to the actual sum released to you. If it is in the law that the DMO had a budget of N2.2tn, now where is the money? Who got it? Was it released? This is a law and the law says that N2.2tn had been given to DMO. Was the money given to the DMO? No. Who took the money? Accountant General? Why? If you are not the manager, then it should not appear in your books but the books of the Accountant General of the Federation.”

Members of the committee, at its investigative hearing on Friday, asked if the money did not come from the DMO to the National Assembly for approval or it was only discovered at the National Assembly.

The Director General of DMO, Patience Oniha, while confirming that the sum of N2.2tn accrued as interest (cost) from the loans secured by the office for the Federal Government, stated that only the sum of N721,251,798 was allocated to DMO.

On the non-rendition of the audited accounts, Oniha, who was represented by the Director of Finance and Accounts, DMO, Mrs Feyi Olumide-Akinyemi, also said the office’s audited account had been submitted to the Minister of Finance, Budget and National Planning, Zainab Ahmed, for approval.

She said, “It does not come to our books. It does not come to our account. It does not reflect anywhere in our books. We do not have access to the other one and that is why we always say it should be separated.

“During each process, the budget office requires the DMO to give them a projection of interest payments. So, these are the interest projections we made that the government will bear on our domestic and external debts and then a provision to take care of local contractors which is the sinking fund.''

The DMO boss stated that nothing was released to the office for capital expenditure in 2018, but fund was later released in 2019.

She said out of a total sum of N721,251,798, the sum of N435,768,793 was for personnel cost, N110,883,005 for overhead cost and N174.6m for capital expenditure.

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Oniha said in the year under review, the DMO received 89.74 per cent of the sum for personnel cost, which was released through the Office of the Accountant General of the Federation, while the remaining amount was mopped up automatically.

She said out of the overhead cost, the office got 58 per cent of the budget, which is N64m, while the balance was also mopped up at the end of the year.

Oniha also disclosed that the DMO currently has 110 staff members on its nominal roll, for which the sum of N64m was released in 2019.

Oke, therefore, directed the clerk to the committee, to write a letter demanding the financial records on the utilisation of the N2.2tn.

He also requested for all relevant payment vouchers issues by the DMO for all its financial transactions for the years under review.

Source: https://m.punchng.com/Business/Reps-demand-documents-on-N2.2tn-foreign-domestic-debts-utilisation

MONEY DEM DON CHOP FINISH



IF U SEE THEIR CHILDREN FOR INSTAGRAM U FIT DEY VEX FOR THIS LIFE


STUPID MEN

Initial gragra.


Presenting clout to the public.

Money wey dem don use buy SUV's

Las las na one scape goat dem go catch

I chop 1 trillion from the money.

God! 2.2 trillion Naira deby, who did will offend in this country

...


All these money wey una dey call dey vex me I swear




https://www.youtube.com/watch?v=C56Zm3VqPOc&t=1s

The kinda corruption going on in this government ehnn

Fvck Nigerian Government

The world's central banks continue to print money out of thin air. 3rd world countries continue to take up loans they they can never pay back while your savings continue to lose value every year from inflation. Right now bitcoin is very volatile but it is the future of money. It is better than fiat as each unit is finite and can be accounted for in the block chain. Its supply is limited as well. I've been preaching this since 2013 when bitcoin was about $200 each. If some of your savings isn't in bitcoin, you stand to lose all your money as it loses buying power.

Hmmm

Voice mail

Money wey Dem don already use take jump gallop tay tay..

Thieves trying to get their hands into the cookie jar!

2.2 trillion debt with nothing to show for it.

After Jibrin's tenure, Nigerians would be amazed!

Toothless house of reps

Rubbish!
What will they do even if the corruption stares them down the face,nothing!
It's as good that we don't have an assembly because both the senate and house presently are as irrelevant as the 'P' in psychology.
This is a body that can't even respectfully invite a president and he answers their respectful invite,talkless a summons.

PMB thought leading this country would be a piece of cake,until he took charge..

PMB is as clueless as a slay Queen.

Now, he doesn't know if he should ask GEJ for forgiveness or..

Well,he is an African man,so he won't do such..

PS: May we not be in that situation where things are happening and we have little or no control over it.

If you have been placed in the position to take charge of easy but difficult situation involving group of people, you would understand...

this country and doomed

Empty threats as usual, nothing will come out of it. The rep members are broke and requires the usual Ghana must Go bags !!!

Mheen

Queenlovely:
this country and doomed

5 & 6....

okay

fire go soon burn office