Connect with us

Hi, what are you looking for?

Show – Your View

“Termites Ate Vouchers Of Our N17.1bn Spending”, NSITF Tells Senate | HOT REACTIONS

"Termites Ate Vouchers Of Our N17.1bn Spending", NSITF Tells Senate

The Nigeria Social Insurance Trust Fund (NSITF) has told the Senate that termites have eaten most of the vouchers containing details of how N17.158 billion yet to be accounted for was spent.

The N17.158 billion, as stated in the 2018 audit report,  was the total amount of money transferred by NSITF from its Skye Bank and First Bank accounts into various untraceable accounts belonging to individuals and companies from January to December 2013.

The auditor general’s office had in the 2018 audit report raised 50 different queries bordering on alleged misappropriation of funds by the management of the agency, which is under probe by the Senate Committee on Public Accounts.

Advertisement

Specifically, on the N17.158billion unsubstantiated transfers made by NSITF, the query reads:

“Management of NSITF as shown in statements of Account No. 1750011691 with Skye bank plc, for the period 1st January 2013 to 20th December 2013, and Statements of Account No.2001754610 with First Bank Plc for the period 7th January 2013 to 28th February 2013, transferred amounts totalling N17,158,883,034.69billion to some persons and companies from these accounts.

“However, payment vouchers relating to the transfers together with their supporting documents were not provided for audit. Consequently, the purpose(s) for the transfers could not be authenticated.

Advertisement

“These are in violation of Financial rule 601 which states that “All payment entries in the cashbook/accounts shall be vouched for on one of the prescribed treasury forms.

Vouchers shall be made out in favour of the person or persons to whom the money is actually due.

 

Advertisement

See the video below!

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Tech

Paid users of ChatGPT now have access to GPT-4 Turbo, an upgraded version of the large learning model previously known as GPT-4. OpenAI recently...

Tech

Truecaller has introduced a web version of its caller ID app, offering Android users access to features like SMS and chat mirroring, call notifications,...

Tech

Spotify is developing new remixing features to rival TikTok’s popular trend of altering song speeds. These upcoming tools will enable paid subscribers to adjust,...

Sports

UFC CEO Dana White has officially announced that Conor McGregor will face Michael Chandler at UFC 303 on June 29 in Las Vegas. McGregor,...

Copyright © TVCCommuniation owner of TVC Entertainment