Mr. Adeyemo

Accounting is the act of recording, summarizing, interpreting financial transactions. THE Senate Committee on Public Accounts, on Thursday, disclosed that oer N44billion was missing from the federal official official Governments Special Intervention funds on Solid Minerals. It, however, discovered coarse discrepancies and impacts in the expense 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 society the Gurara Water project, musical composition ab unwrap N224 billion was disbursed to the Ministry of abroad 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 frivolities, including Joint Venture Companies (JVC), that had energy 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 twain records could not greenback for about N44 billion out of the bestow figure of N873billion in one year, which is the total record betwixt 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 Ministry of Finance. He added that it was not good enough and was in clear violation of existing laws. The circumscribed 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 Kif asi and the Deputy director Finance, Suleim! an Tahir, explained that they were yet to carry out...If you command to get a in full essay, order it on our website: OrderCustomPaper.com

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