Stakeholders to address N3.4trn loss to MDAs’ financial infractions
Over N3.4 trillion in financial infractions were uncovered across federal ministries, departments and agencies (MDAs) in 2021, according to the Auditor General’s report — a staggering figure that highlights Nigeria’s deepening compliance crisis and the urgent need for stronger oversight in public institutions. In response, the Senate Committee on Legislative Compliance will tomorrow host a […]
Over N3.4 trillion in financial infractions were uncovered across federal ministries, departments and agencies (MDAs) in 2021, according to the Auditor General’s report — a staggering figure that highlights Nigeria’s deepening compliance crisis and the urgent need for stronger oversight in public institutions.
In response, the Senate Committee on Legislative Compliance will tomorrow host a high-level workshop to address the root causes of weak oversight and institutional gaps.
The two-day event, with the theme ‘Consolidating Strategies for Strengthening Legislative Compliance by MDAs’, will take place on April 15 and 16, 2025 at NAF Suites, Abuja, bringing together lawmakers, regulators and over two hundred representatives from federal MDAs, a statement by the organisers said on Sunday.
The statement said plenary sessions will be chaired by the Attorney General of the Federation, Lateef Fagbemi SAN, and the Minister of Finance, Wale Edun.
Conversations will focus on closing compliance gaps, strengthening institutional transparency, and promoting cross-sector collaboration.
Kuda Microfinance Bank is co-sponsoring the workshop as part of its commitment to supporting responsible innovation, governance and regulatory alignment in Nigeria’s financial ecosystem.
Rasaq Kadri, Kuda’s Head of Compliance, will deliver a keynote address on the second day of the event, highlighting the efforts of Nigeria’s fintechs to promote inclusion and financial literacy without compromising on compliance best practices.
“When public funds go unaccounted for, it doesn’t just damage government credibility, it affects the entire financial ecosystem, including fintechs,” said Kadri. “We can’t build trust-driven products in a trust-deficient environment. Every time compliance is treated as a box-ticking exercise, we miss the chance to build something that lasts. Fintechs have the tools and perspective to support better governance, but more importantly, we have a responsibility to be part of the solution.”
Daily Trust reports that the infractions reported in 28 audit issues are contained in the 2021 audit report of non-compliance/internal control weaknesses in Ministries Departments and Agencies of the Federation for the 2021 financial year was submitted to the National Assembly via a letter reference number AuGF/AR.2021/02, dated 15th October 2024 signed by the Auditor General for the Federation, Shaakaa Kanyitor Chira.
The report said N2.902 trillion of the amount came from the failure of eight government agencies to recover outstanding government revenue with the Nigerian Bulk Electricity Trading Plc failing to recover N2.896 trillion of the amount.
In a letter addressed to the Clerk to the National Assembly, the Auditor General said the infractions are part of what he called cross-cutting issues, which he said are the same non-compliance/internal control weaknesses that were identified in at least four (4) Ministries, Departments and Agencies (MDAs) of the Federal Government of Nigeria (FGN) covered by the Auditor-General for the Federation’s Annual Report on Non-compliance/Internal Control Weaknesses in MDAs of the FGN for the year ended 31%! December, 2021.