Reps to probe N9.4trn external loan, treasury bills

The House of Representatives on Tuesday unveiled plans to investigate over N9.4 trillion including the external loan obtained in 2014 fiscal year.

Chairman, House Committee on Public Accounts, Hon. Wole Oke disclosed this during an investigative hearing into the audit queries issued by the office of the Auditor General of the Federation (OAuGF) against Accountant General’s financial statement and Debt Management Office (DMO).

According to some of the queries read by Hon. Oke, the oAuGF requested for information relating to the N1.5 trillion external loan, N5 trillion and N28.722 billion as well as N2.8 trillion Treasury Bill issued by DMO, and N261 million internal loan, respectively.

While noting that there was a need to furnish the DMO Director-General, Ms Patience Oniha with relevant queries on the audit queries raised by the oAuGF, Hon. Oke observed that members of the Committee were taken aback when the queries running to trillions, were read during one of the previous hearings, hence the need to give DMO officials fair hearing.

He also mandated the DMO DG to furnish the Committee with all comprehensive presentations relating to the local loans, treasury bills, among others as well other loans supervised by the agency up to 2018.

While noting that the Committee is not looking at the fresh loans to be obtained on behalf of Federal Government, Hon. Oke explained that the responsibility of the Public Accounts Committee is post-mortem in nature, and depends on the audit queries from the oAuGF.

Similarly, he demanded an update on the local contractors’ debt which DMO is funding, adding that some contractors who obtained loans from banks among whom many have died had petitioned the Committee seeking for redress.

While responding, Ms Patience Oniha explained that ample time should be given to DMO Team to respond to the fresh issues raised by the Committee as the Team only prepared for issue bothering on the BoI loan which was converted to Federal Government’s equity which has been settled and the liquidation of external debts.

Also on Tuesday, the Committee grilled Nigeria Customs Service (NCS) and Federal Inland Revenue Service (FIRS) over non-remittance of 15 percent contributory pension from the 7 percent and 4 percent collection cost accrued to the two agencies in breach of the Pension Reform Act, 2014.

While responding, NCS Comptroller-General, Hammed Alli who was represented by the Comptroller General Finance & Budget, Mr. Sadiq Ismaila argued that the delay in the payment of the contributory pension was due to paucity of fund.

He, however, explained that the Service had cleared the backlog since 2009 up to date.

Unsatisfied by his presentation, the Committee resolved to summon the 16 Pension Fund Administrators (PFAs) with the view to ascertain the veracity of the claims.

While expressing concern over the variance in the presentations made by all the parties including the Accountant General of the Federation, Hon. Oke frowned at the lack of modalities for monitoring of the pension remittance by various Ministries, Departments and Agencies (MDAs).

According to him, all the parties summoned are to appear within 14 days.

 

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