The management of the Nigeria Social Insurance Trust Fund is under fire by the Senate for failing to explain how it spent N17.158 billion in 2013 with the needed documentation, some of which have been eaten up by termites.
The Punch reported that the fund as stated in the 2018 Audit report was the total amount of money transferred by the agency from its Skype Bank, now Polaris Bank, and First Bank accounts into various untraceable accounts which belong to persons and companies from January to December 2013.
In a 2018 audit, the Audi-General had raised 50 different queries which border on alleged mismanagement of funds by the agency’s management, which were examined by the Senate Committee on Public Accounts.
It further states that the management of the body as revealed in Account No. 1750011691 with Skye Bank from January to December 2013 and statements of Account No 2001754610 with the First Bank from January 7 to January 28, 2013, which amounts to N17,158,883,034.69 billion to some individuals and firms from the accounts.
The queries stated that payment vouchers regarding the transfers alongside their supporting documents were available in the audit., stating that these constitute violations of Financial rule 601 which says that all payment entries are in the cash book accounts shall be certified on one of the specified treasury forms.
But Michael Akabogu, managing director of NSITF, said that no documents of such were in their possession.
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