News • Created October 4, 2021 06:25

FG loses N557bn to lack of adequate audit in 5yrs — Report

A report by Paradigm Leadership Support Initiative shows the Federal Government lost N557bn from 2013 to 2017 owing to lack of adequate audit mechanism. ..

FG loses N557bn to lack of adequate audit in 5yrs — Report
FG loses N557bn to lack of adequate audit in 5yrs — Report

A report by Paradigm Leadership Support Initiative shows the Federal Government lost N557bn from 2013 to 2017 owing to lack of adequate audit mechanism. 

The organization said this in a research report titled ‘Achieving Accountability and Development in Nigeria’ presented by its Executive Director, Olusegun Elemo, weekend in Abuja. 

He said: “This report examined compliance of federal ministries, departments, and agencies of government in Nigeria with the Public Procurement Act, Financial Regulations, and other relevant laws over a five-year period to ascertain the level of waste and inefficiency in the utilization of public funds and the consequent impact on Nigeria’s development.”

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