Only 10% of parastatals have audited reports, Senate says

*Threatens to withhold budget of erring agencies

The Senate has disclosed that only 10% of the parastatals of the Federal Government had submitted their audited reports.

This was disclosed in a Report of the Committee on Public Accounts on the status of compliance of parastatals submission of audited accounts to the Office of the Auditor-General of the Federation brought to the floor by Senator Matthew Urhoghide.

The Senate also resolved to withhold budgetary approvals for any government agency and parastatal which failed to submit at least two previous year’s audited reports to the Auditor-General of the Federation (AGF).

Saraki, said:while thanking the committee for this very important report. We can now see that when they keep on saying that we are not making much progress in the fight against corruption, it is because of the fundamental issues, they are right, the foundation is still very weak.

“If we have 497 parastatals and only 47 have sent their audited reports, I think there is a serious problem. Now, we find out that the agencies that are even meant to supervise are part of those who have not sent in their audit reports.

“Now, we have taken a resolution here today to say that unless the remaining agencies do that, their budgets for 2018 is withheld. Therefore, let us remember that when we are passing the 2018 budget, the committees that are presenting the reports of the parastatals should please confirm to us whether they have complied with the auditors report.

“In the mean time, we will make sure that we also communicate to the Secretary of the Government of the Federation to ensure that all theses parastatals get their accounts audited and submitted.

“I thank you for this report, it will go a long way in us continue to support the Executive in the fight against corruption,” Saraki said.

The report of the Public Accounts Committee (SPAC), indicated that at least 85 agencies of government including the Bank of Agriculture (BOA) and the Economic and
Financial Crimes Commission (FCC) had never submitted audited reports since their creation.

Senator Urhoghide, said: “EFCC is of the opinion that once they come for budget defence, it amounts to submitting their audited reports. The EFCC Act itself says they have to submit their audited reports six months into the financial year.”