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Auditing of Nigeria parastatals commences

13 July 2016, 13:25

Lagos - The auditing of federal parastatals and agencies, which is in line with the Federal Government’s agenda to institutionalize fiscal discipline, transparency, probity and accountability in the management of public finances, has begun.

The Office of the Accountant-General of the Federation has engaged the services of 18 professional audit companies to undertake the process.

Also read: FG commences talks with Niger Delta Avengers

The Director of Funds, Alhaji Salau Zubairu, underscored the importance of the assignment, saying it would enable government to assess the true state of its revenue generation, capital and recurrent (personnel and overhead) expenditure across the parastatals and agencies.

“This is to enable Federal Government reach better decisions in view of the dwindling inflow of Government revenue,” he said.

He urged consultants to be effective and professional while carrying out their assignment and to ensure that young qualified Nigerians were engaged to assist during the assignment.

The first phase of this assignment  is divided into two categories and will involve 33 agencies.

Category A which is comprised of eight agencies with a turnover of above N100 billion and category B which involves 25 agencies with a turnover of below N100 billion.

The audit which will cover the period of 2010- 2015, will be completed in 18 months.

- CAJ News


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