Mr. Adeyemo

Accounting is the act of recording, summarizing, interpreting financial transactions. THE Senate Committee on Public Accounts, on Thursday, disclosed that everywhere N44billion was missing from the federal official Governments Special Intervention coin on Solid Minerals. It, however, discovered coarse discrepancies and impacts in the expenditure and utilisation. The citizens committee gave example of how the missing money was reportedly spent, with over N4billion disbursed as loan to the national Ministry of Water Resources to investment fellowship the Gurara Water project, musical composition ab egress N224 billion was disbursed to the Ministry of distant Affairs for the purchase of chancery. Others entangle various sums which were disbursed as loans to some(prenominal) other(a) ministries and agencies to fund other projects like payment of monetisation to the federal civil servants, aviation, COJA, OPEC, multitude of Ministers, among other frivo lities, including Joint Venture Companies (JVC), that had aught to do with self-coloured minerals and with no evidence of repayments. The committee, however, found out that the records of the Federal Ministry finance and those of the Central Bank of Nigeria (CBN) contradicted each other.

The 2 records could not greenback for about N44 billion out of the radical figure of N873billion in one year, which is the total record among 2002 and May 31, 2012. The prexy of the committee, Senator Ahmed Lawan, declared that certainly, there are massive discrepancies between the CBN figures and that of the Mi nistry of Finance. He added that it was! not good enough and was in clear violation of existing laws. The especial(a) fund, according to the committee, was created in 2002 by the Federal Government as a special intervention fund to open up the nations economy, especially the non-oil sector. The Permanent deposit in the Ministry of Finance, Mr Danladi Kifasi and the Deputy film director Finance, Suleiman Tahir, explained that they were yet to carry out...If you command to get a respectable essay, order it on our website: OrderCustomPaper.com

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