The Senate has charged the Office of the Accountant General of the Federation with misappropriating N665.8 billion from the Development and Stabilization Funds and disbursing it as loans to various government agencies.
The funds are said to have been taken out between 2004 and 2015, in breach of the fund’s key principles. The panel’s six-month investigation of the Federation Account for the year 2015 was filed before members of the red chamber went on their regular recess.
When asked about the depletion of Special Funds, the Auditor General was quoted saying:
Amount totaling N455.8 billion were withdrawn from Development of Natural Resources Fund as loans to various beneficiaries between 2004 and 2015, contrary to the established objectives of the fund.
“The purpose of the Development of Natural Resources Fund is to provide financial resources to develop alternative mineral resources to oil and gas.
“Also, various amounts totaling N210.3 billion were withdrawn from Stabilization Fund as loans to various beneficiaries, between 2004 and 2015 contrary to the established objectives of the fund.
“The purpose of the Stabilization Fund is to provide for unforeseen contingencies and economic downturn and the beneficiaries are the 36 states and Federal Capital Territory (FCT). The stabilization fund belongs to three tiers of government.
The Accountant-General of the Federation has been directed to ensure that the money is reimbursed within 60 days.
Source: Gossips24.com
