Friday, September 17, 2021

No money is missing from federation account, says AuGF

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The Auditor-General for the Federation, AuGF, Adolphus Aghughu, has said that no money was missing from the Federation Account.

Aghughu disclosed this in a statement by Eme Oqua, Head of Press, Office of the Auditor-General for the Federation, OAuGF, in Abuja.

He was reacting to recent reports in some Nigeria media, that N4.97trillion was misappropriated from the federation account, after his appearance at the senate.

The AuGF explained that the ‘unsubstantiated balances of N4.97trillion’ mentioned in his address during submission of Consolidated Financial Statements of the Federal Government for 2019 to the Clerk of the National Assembly was not misappropriation of funds.

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“The AuGF states the materiality was determined in the context of likely errors and unsubstantiated balances amounting to N4.97trillion in the course of the audit, which was above the materiality level of N89.34Billion set for audit.

“This statement was made as one of the basis for ‘qualified opinion’, the qualified opinion notwithstanding, the Federal Government of Nigeria Consolidated Financial Statements for the year ended December 31, 2019 was true and fair.

“The general public should be guided by the above clarifications as no money is missing from the Federation Account of the Federal Republic of Nigeria,” he said.

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