No Money Missing From Federation Account — AuGF

The Auditor-General for the Federation (AuGF), Mr 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 Federatio (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.

“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. (NAN)

The Auditor-General for the Federation (AuGF), Mr 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 Federatio (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.

“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. (NAN)