Thursday- 29th July, 2021: The Senate has demanded a refund of N665.8bn which was allegedly diverted by the Office of Accountant General of the Federation from the Solid Mineral Development Fund and Stabilisation Fund to ministries, departments and agencies of the Federal Government.
According to the Office of the Auditor General of the Federation, the beneficiaries include Independent National Electoral Commission, Nigerian Army, Ministry of Power, as well as former President Goodluck Jonathan and ex-Vice President Namadi Sambo, among others.
Senator Matthew Urhoghide, chairman of the Senate Committee on Public Accounts, in his report on the audit queries by the auditor-general, said investigation showed that part of the fund was used as entitlement to Jonathan and Sambo, about N1.5bn paid on June 11, 2015.
Independent National Electoral Commission (INEC) collected about N20bn from Development of Natural Resources Funds, apart from the N17.9bn collected from other sources.
Part of the N30bn released to INEC for the conduct of the 2015 general elections, N10bn was released on July 3, 2014, while N20bn was released on January 12, 2015.
Other beneficiaries of the diverted funds were the Ministry of Foreign Affairs, N3.6bn; N50bn to fund deficit in 2004; Ministry of Works, N2bn; Federal Airports Authority of Nigeria, N13bn; Ministry of Sports, N500m; monetisation arrears due to Power Holding Company of Nigeria’s staff, N57.5bn; N70bn to accelerate capital budget in 2010; loan to facilitate the funding of capital budget in 2010, N80bn; loan to facilitate 2013 capital budget, Fourth Quarter, N80.7bn; and loan to Nigerian Electricity Regulatory Commission, N6bn, in 2014.”
Also, N15bn was released to Lucius Nwosu as judgment debt out of N37bn for genocide at Odi; N14bn was released to Ministry of Power for Kasshibilla Hydropower Transmission Projects, among others.
From the Stabilisation Fund, N847m was given to Ghana and Sao Time Pricipe, while INEC also collected N87bn to commence the conduct of fresh voter registration. It paid back N21bn and is yet to balance N66.7bn.
In addition, N32bn was for the completion of Third Quarter and Fourth Quarter of 2013’s capital projects; N2bn for the funding of army operations in 2013; another N3bn loan to INEC for the speed-up of electoral process in 2013; loan to Nigerian Army for recruitment of 9,000 in 2013, N3.5bn, among others.
Enquiring about the depletion of the special funds, the auditor-general said, “Amounts totalling N455bn were withdrawn from Development of Natural Resources as loans to various beneficiaries between 2004 and 2015, contrary to the established objectives of the funds.
“The purpose of the Development of Natural Resources Fund is to provide financial resources to development alternative mineral resources development. The Development of Natural Resources Fund belongs to the Federal Government.
“Also, various amounts totalling N210.3bn were withdrawn from Stabilisation Fund as loans to various beneficiaries between 2004 and 2015, contrary to the established objectives of the funds.
“The purpose of the Stabilisation Fund is to provide for unforeseen contingencies and economic downturn and the beneficiaries are the 36 states and the Federal Capital Territory. The Stabilisation Fund belongs to three tiers of government.”
After consideration and adoption of its Committees on Public Accounts, the Senate ordered the Accountant General of the Federation to ensure refund within 60 days.
