N2.5 trillion missing in federal MDAs – Audit Report

Dataphyte in its 2019 Audit Report review revealed that N2.5 trillion is missing from the national treasury of Nigeria. The Audit Report indicated that federal Ministries, Departments and Agencies (MDAs) in Nigerian carried out expenditures in the sum of trillions of Naira that were not appropriated or had records of financial transparency.

Overdrawn accounts, non-disclosure and misappropriation were revealed to have declined in the Audit Report, but the MDAs cannot account for over N2 trillion.

The 2019 Audit Report affirmed that the federal ministries, departments, and agencies are unable to collectively account for at about N2.5 trillion.

According to the International Public Sector Accounting Standards (IPSAS): “Public sector entities are typically subject to budgetary limits in the form of appropriations or budget authorisations which may be given effect through authorization.”

The Audit Report further revealed that the Seven Area Commands of the Nigerian Customs Services reported zero revenue despite the mandate to collect Common External Tariff (CET) levies and fees. In order words, the department made no remission to the Federation Account during the period under review.