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Government misapplied N994.17b special funds

26 June 2014, 19:06

Abuja - About N994.17 billion out of the amount allocated to the various funds dedicated for special purposes from 2007 to 2011 was misused by the federal government, an audit report commissioned by Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed.

The amount, which were derived from the extractive sector in the country by federal government  were either unremitted or misapplied for another purpose, reports Daily Trust.

The audit report, which was presented to the public on Wednesday showed that the funds were converted to serve as cash pools for reasons different from their specific purposes by the federal government.

The report also revealed that the extractive sector contributed N30.09 trillion to the federation account with another N2.3 trillion coming from the Value Added Tax (VAT).

Read more at Daily Trust.

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