The Senate is examining the financial records of 774 federal agencies, which include the Nigerian National Petroleum Corporation Limited and the Nigerian Maritime Administration and Safety Agency.
This investigation stems from the concerns outlined in the 2019 report of the Auditor General for the Federation.
Aliyu Wadada, the Chairman of the Senate Public Account Committee, revealed this information while speaking to journalists in Nasarawa State on Friday.
He said, “We are currently looking into the books of 774 MDAs to see what was appropriated to them and check whether they judiciously utilized the funds.
“As events unfold, we shall be compiling our reports every quarter and we will be making them public after their adoption by the Senate in plenary.”
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Wadada mentioned that the 10th National Assembly, along with the backing of President Bola Tinubu and key stakeholders in the nation’s economy, would soon initiate amendments to the 2007 Procurement Act.
According to him, “If financial reports are not well documented to produce the required results in an audit, something would go wrong. We are seriously working on the assignment before us. So far, some levels of achievements have been recorded and we are still engaging with heads of ministries, departments, and agencies of the Federal Government.
“They are still appearing before our committee to answer the queries they have against them as far as the 2019 Auditor General’s report is concerned. That’s the situation at the moment.
“There are also status inquiries where we are looking into the financial transactions of revenue-generating agencies like the Nigerian National Petroleum Corporation Limited, the Nigerian Maritime Administration and Safety Agency, among others which are before us for scrutiny,” he stated.
