{"id":83945,"date":"2021-07-22T08:43:01","date_gmt":"2021-07-22T07:43:01","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=83945"},"modified":"2021-07-22T08:43:01","modified_gmt":"2021-07-22T07:43:01","slug":"senate-directs-agf-to-sanction-officials-involved-in-alleged-mismanagement-of-274-2-million","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/senate-directs-agf-to-sanction-officials-involved-in-alleged-mismanagement-of-274-2-million\/","title":{"rendered":"Senate Directs AGF to Sanction Officials Involved in Alleged Mismanagement of $274.2 million"},"content":{"rendered":"<div style=\"text-align: justify;\">The Senate has uncovered how some officials of the Office of Accountant General of the Federation (AGF) made Nigeria to lose difference of $274.2 million (N54.1bn) on external loan.<\/p>\n<p>The revelation was contained in the report of Senate Committee on Public Accounts on 2015 Financial statement of the Federal Government of Nigeria and the Federation Account which was approved by the Red Chamber before proceeding on its annual recess last week.<\/p><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The upper chamber has therefore asked the Accountant General of the Federation, Ahmed Idris, to identify the officers responsible and sanction them for mismanagement of public fund in accordance with Rule 3115 of the Financial Regulations and for gross misconduct.<\/p>\n<p>Rule 3115 of the Financial Regulations states,\u201d An accounting officer who is queried for his failure to manage or spend public funds, effectively or who spends public money without due regard to economy contrary to FR 415 and fails to reply to the query, shall be removed from the schedule and be disciplined in accordance with the Public Service Rules.<\/p><\/div>\n<div style=\"text-align: justify;\">\nThe query to Accountant General of Federation from Auditor General of Federation titled ;\u201d Inconsistent Exchange Loss Difference on External Loans\u201d which was contained in the 2015 report of the Auditor-General of the Federation which the Senate upheld at plenary reads:<\/p>\n<p>\u201cDuring the examination of Note 51 and Appendix to Note 52, it was observed that there was a total exchange loss difference of $278.2 million (N54.1bn) reported by the Office of the Accountant- General of the Federation in the document provided but this could not be found in the DMO document.<\/p><\/div>\n<div style=\"text-align: justify;\">\n\u201cAlso, the criteria for arriving at the exchange loss difference of $274.2 million ( N54.1bn) was not disclosed.<\/p>\n<p>\u201cThe Accountant General of the Federation in his response maintained that the closing balance is as provided by DMO while the exchange difference of $274.2 million (N54.1bn) was as a result of multiple currencies that were involved and single exchange rate.<\/p>\n<p>\u201cThe Account-General of the Federation is thus required to provide the source (s) of the exchange loss difference of $274.2 million (N54.1 billion ) with documentary evidence.<\/p>\n<p>\u201cProvide the calculations showing how these figures were arrived at and the reasons for the exchange loss for each of the figures should be explained.<\/p>\n<p>\u201cDisclose the source of Exchange difference in a note.\u201d<\/p>\n<p>The upper chamber in its resolution after the presentation of the report by the Committee Chairman, Senator Mathew Urhoghide, upheld the recommendation of the Committee for officials involved to be sanctioned.<\/p><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Senate has uncovered how some officials of the Office of Accountant General of the Federation (AGF) made Nigeria to lose difference of $274.2 million (N54.1bn) on external loan. The&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":83946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-83945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Senate Directs AGF to Sanction Officials Involved in Alleged Mismanagement of $274.2 million - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/senate-directs-agf-to-sanction-officials-involved-in-alleged-mismanagement-of-274-2-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate Directs AGF to Sanction Officials Involved in Alleged Mismanagement of $274.2 million - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Senate has uncovered how some officials of the Office of Accountant General of the Federation (AGF) made Nigeria to lose difference of $274.2 million (N54.1bn) on external loan. 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