OrderPaperToday – The House of Representatives has mandated its Public Accounts Committee (PAC) to investigate corruption contained in the report of the Auditor General of the Federation (AuGF) involving accounting and financial infractions of government and international organisations.

The House highlighted that various reports of the AuGF and corroborated by forensic audits by KPMG have identified corruption in accounting leading to losses of revenue to the tune of N526 billion and $21 billion.

The resolution was sequel to the adoption of a motion sponsored by Mr. Abdullahi Sa’ad Ibrahim (Nasarawa, APC) at the plenary on Wednesday.

In his debate, the lawmaker recalled that the Auditor General of the Federation (AGF) had raised several queries on the federation account, spawning from 2015 to 2017 as regards losses of income due to leakages, financial misapplication, misappropriation, under-reporting and falsification by Ministries Departments and Agencies (MDAs) and other organisations.

According to him, the alleged losses were caused by activities of persons both in the public and private sectors of the Nigerian economy.

He said the organisations involved include multinational and indigenous companies as well as MDAs that continuously exploit Nigeria’s economy through the deployment of deceitful and irregular accounting practices which is resulting in huge capital flight, deficit balances and a weakened economy.

Ibrahim noted that “Sections 88 & 89 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) confer on the Legislature power to investigate with the aim of exposing corruption, inefficiency and blocking waste in the administration of public funds.

“If urgent steps are not taken to address those hydra-headed issues, they may lead to a total collapse of the economy with its attendant social and political crisis,” he said.

The motion was unanimously passed when the presiding officer put the question.

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