‘Misappropriation of funds in all public institutions in Nigeria, a major challenge’

The Chairman, House Committee on Public Accounts at the House of Representatives Abuja, Hon Busayo Oluwole Oke, has identified misappropriation of funds in all public institutions in the country as a major challenge, coupled with the inabilities by the appropriate authorities to provide infrastructure.

He stated this over the weekend at the 1st Annual Lecture of Bursary Department, Federal University of Technology, Minna, Niger State in his position as the Guest Lecturer at the occasion with the theme: ‘Accountability and Transparency in Nigeria: The Role of Accountants’.

Hon Oke explained that in budget planning, there is a law an individual should follow, adding that having followed the Procurement Act, Section 18, and having put the budget in place, that one should ensure value for money in the budget implementation.

He said: “if you follow the Procurement Act, for example, if you follow fiscal responsibility act, for example, one will realise that basically, the problem is from the practitioners, the managers over resources.”

He stressed that if you follow the financial reporting council and if you observe the kidney and the liver you will not have any problem at all.

He thereby charged Nigerians to always hold their leaders accountable as a means of ensuring accountability and transparency in Nigeria, saying, that “accountability is a yardstick for measuring the efficiency of good governance in an idle setting.”

The member representing Obokun/Oriade Federal Constituency in Osun State at the House of Representatives Abuja pointed out that answerability is a forum where explanations are given that clearly justifies an action taken by a holder of power in the public sector.

He further explained that the inability of electorates to hold elected leaders accountable for their stewardship leads to maladministration.

Oke also emphasised the need for the people to declare their assets publicly before and after their tenures in office.

He further stressed the need for the timely preparation, delivery of the budget of the federation and also ensuring regulations of public expenditure.

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‘Misappropriation of funds in all public institutions in Nigeria, a major challenge’