The Senate Public Account Committee (SPAC) is currently scrutinising the audit queries issued against the Nigeria Social Insurance Trust Fund (NSITF) as contained in the 2018 report of the Auditor General for the Federation (AUGF).
The AUGF queries indicated that the NSTIF could not justify the spending of N17.158bn in 2013, with required documents.
One of the queries read: “The management of the NSITF as shown in statements of Account No. 1750011691 with Skye Bank Plc, for the period 1st January, 2013 to 20th December, 2013, and Statements of Account No.2001754610 with First Bank Plc for the period 7th January, 2013 to 28th February, 2013, transferred amounts totaling N 17,158,883,034.69 billion to some persons and companies from these accounts.
“However, payment vouchers relating to the transfers together with their supporting documents were not provided for audit. Consequently, the purpose(s) for the transfers could not be authenticated.
“These are in violation of financial rule 601 which states that, ‘All payment entries in the cashbook/accounts shall be vouched for on one of the prescribed treasury forms. Vouchers shall be made out in favour of the person or persons to whom the money is actually due.
“Under no circumstances shall a cheque be raised, or cash paid for services for which a voucher has not been raised.”
But the present and past management of the NSITF could not offer any satisfactory explanations for the undocumented multiple transfers.
The officers in charge of the agency in 2013, told the committee that documents like vouchers were left behind by them.
On his part, managing director of NSITF . Michael Akabogu said no documents of such were in their kitty
“The Container the said documents were kept by past management has not only been beaten by rains over the years but even possibly being eaten up by termites,” he said.
“As directed by this committee, I told the past management officers on the need for them to help us out in answering this query with necessary documents which have not been made available for us.