Budget Shock!

 *Senate Uncovers Padded N969bn By MDAS*

Senate yesterday uncovered how about 558 ministries, departments and agencies, MDAs of the federal government failed to provide classification of intangible assets valued at N969 billion in the 2019 budget.

The shocking revelation is contained in the 2019 annual report of Auditor-General of the Federation currently being considered by the Senate Public Accounts Committee, SPAC.

In the meeting chaired by the Vice Chairman of the committee, Ibrahim Hassan Hadejia, Senators were shocked about the huge sum of money categorized as Intangible Assets in the 2019 budget as captured in the Auditor-General of the Federation’s report.

The report reads: “Audit observed from review of notes 36 and 36A (Intangible) to the FGN Consolidated Financial Statement (CFS) that “the sum of N969billion was recognised under Notes 36A as Intangible Assets without a schedule showing the classification/nature of the intangible assets contrary to the provision of IPSAS 31.

“There was no disclosure to enable the audit confirm which of the intangible Assets has finite and infinite life, a bad for determination whether amortization should be or not.”

The representative of Office of Accountant General of the Federation, Shuaibu Sikiru, in his response before the Senate Committee said the template will be re-designed to accommodate the observation in subsequent years.

Among the 558 agencies are State House, Bureau of Public Enterprises, BPE, Bureau of Public Procurement, BPP, National Population Commission, NPC, Federal College of Forestry, Ibadan, Federal College of Forestry, Jos, National Orientation Agency, NOA, Bureau of Public Service Reforms and Nigeria Police Academy, Wudili.

Others are Federal Civil Service Commission, Office of the National Security Adviser, Federal Ministry of Interior, Nigeria Immigration Service, Federal Fire Service, Police Formation and Command, Headquarters, Nigeria Security and Civil Defence Corps, NSCDC; Office of the Head of the Civil Service of the Federation, Federal Government Staff Housing Loans Board, Federal Training Center, Ilorin, Office of the Economic Adviser to the President and the National Broadcasting Commission, NBC.

Also, Voice of Nigeria, Nigerian Film Corporation, National Theatre, Federal Ministry of Information, Headquarters, News Agency of Nigeria, NAN, Administrative Staff College of Nigeria, and many others.