The Nigeria House of Representatives has resolved to investigate the report of the Auditor-General for the Federation (AuGF) on accounting and financial infractions by Government and International Organisations
This followed the adoption of a motion by Rep Abdullahi Abdulkadir (APC–Bauchi) on Wednesday, March 24, in Abuja.
Moving the motion, Abdulkadir said that the AGF had raised several queries on the federation account, particularly covering 2015 to 2017 as regards losses of income due to leakages.
He said that the queries further bothered on financial misapplication, misappropriation, under-reporting, and falsification.
He added that this was corroborated by the Forensic Audit Report by KPMG that indicted some agencies over losses of up to N526 billion and 21 billion dollars.
He noted that the losses were allegedly occasioned by an interplay of activities of persons both in the public and private sectors of the Nigerian economy.
This according to him, includes multinational companies and the continued exploitation of Nigeria’s economy through the deployment of deceitful and irregular accounting practices.
He said that, that had resulted in huge capital flight, deficit balances, and a weakened economy.
“Sections 88 and 89 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) confer on the legislature power to investigate with the aim of exposing corruption,” he said.
The lawmaker said that if urgent steps were not taken to address the hydra-headed issues, they might lead to a total collapse of the economy with its attendant social and political crisis;
Meanwhile, the House has mandate the Committee on Public Accounts to investigate the allegations and report back within eight weeks for further legislative action.