₦airaland Forum

An editorial opinion from Financial Digest:
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We cannot push aside, the startling revelation made by Senator Matthew Urhoghide (Edo South), the chairman of the Senate Committee on Public Accounts, where EFCC, a supposedly corruption watch dog, was yet to submit an audited financial report to the Auditor General of the Federation, since inception!

Section 85 subsection (2) of the constitution, provides that the public accounts of the Federation and of all offices and courts of the Federation shall be audited and reported on to the Auditor-General who shall submit his reports to the National Assembly; and for that purpose, the Auditor-General or any person authorised by him in that behalf shall have access to all the books, records, returns and other documents relating to those accounts.

It is now clear that Nigeria has quite enough laws to build strong institutions and preven,t rather than “fight” corruption, but the nefarious attitude and character of public office holders, are major hindrances to effectiveness and efficiency. It is also very glaring that the EFCC is only functioning as a loot recovery agency and lacks the capacity to fight corruption to a standstill.

The critical role of an effective auditing system, in corruption risk prevention cannot be over emphasized. Audit report submitted to the parliament provides reasonable assurance to the citizenry that public funds are being judiciously expended and value is being derived for every naira.Lack of proper and continual audit of the finances of any institution is a big red flag for plausible corruption. It is therefore very unacceptable and a very big shame that an organization established to ‘’fight’’ corruption, cannot provide for public scrutiny,up-to-date audited financial report, since inception.Whereas EFCC should be at the forefront of the campaign for all governmental agencies to publish their financials on a regular basis,say quarterly,for proper accountability.

We therefore strongly recommend a back duty forensic audit of the income and expenditure of the EFCC and other culpable agencies, engaging reputable indigenous audit firms. Also all officers responsible for this outright disregard for the Nigerian constitution should be severely sanctioned, heads should definitely roll. The Auditor and accountant Generals past and present cannot be totally absolved of this calamity. Did they raise the necessary queries and alarms?

The website of EFCC should be made more accountable to the Nigerian people.A well manned section for Financials should be created at once and a loot recovery tracker mechanism should also be established.

https://www.financialdigest.com.ng/opinion/

Oh! Naija my beloved country

Corruption may finally kill Nigeria!

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