Senate Probes Nigeria Social Insurance Trust Fund Over 17 billion Unexplained Spending
The Senate Public Account Committee -SPAC is currently scrutinizing the audit queries issued against the Nigeria Social Insurance Trust Fund -NSITF as contained in the 2018 report of the Auditor General for the Federation -AUGF.
The AUGF queries indicated that the NSTIF could not justify the spending of 17.158 billion nairas in 2013, with the required documents. The agency, however, said some of the vouchers had been eaten up by termites. The N17.158 billion as stated in the 2018 AUGF report, was the total amount of money transferred by the NSITF from its Skye and First Bank accounts into various untraceable accounts belonging to individuals and companies from January to December 2013.
Recall that the Auditor General’s office had in the 2018 Audit report, raised 50 different queries bordering on alleged misappropriation of funds by the management of the agency.
However, in his submissions, the Managing Director of NSITF from 2010 to 2016, Umar Munir Abubakar said he was unaware of the query and have no explanations for it since the audit was not carried out during his tenure. Abubakar’s successor, Adebayo Some fun who was head of the agency from May 2017 to July 2020, said those in the account section should be able to trace the documents which the current General Manager of Finance, alleged to have been locked up in an abandoned container within the premises of the Trust Fund in Abuja.
Irked by submissions of the past and present NSITF officials, the Senate committee ordered them to reappear before the committee with all the requested evidential documents unfailingly on Thursday, September 22, 2022. IU/THISDAY