Reps to investigate report of AGF on accounting, infraction by government, international

House of Representatives has resolved to investigate report of Auditor General for the Federation on accounting and financial infractions by Government and International Organisations.

This followed adoption of a motion by Abdullahi Abdulkadir (APC–) on Wednesday Abuja.

Moving motion, Abdulkadir said that AGF had raised several queries on federation account, particularly covering 2015 to 2017 as regards losses of income due to leakages.

He said that the quarries further bothered on financial misapplication, misappropriation, under-reporting and falsification.

He added that this was corroborated by the Forensic Audit Report by KPMG that indicted agencies over losses of to N526 billion and 21 billion dollars.

He noted that the losses were allegedly occasioned by an interplay of activities of persons both the public and private sectors of the Nigerian economy.

This according to him, include multinational companies and the continued exploitation of Nigeria’s economy through the deployment of deceitful and irregular accounting practices.
He said that that had resulted huge capital flight, deficit balances and a weakened economy.

“Sections 88 and 89 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) confer on the legislature power to investigate with the aim of exposing corruption,” he said.

The said that if steps were not taken to address the hydra-headed issues, they might lead to a total collapse of the economy with its attendant social and political ;
Meanwhile, the House has mandate the Committee on Public Accounts to investigate the allegations and report back within eight weeks for further legislative action. (NAN)