Nigeria's Federal Ministry of Power Faces Indictment for N100.37bn Financial Irregularities
Nigeria's Federal Ministry of Power has been indicted by the Auditor-General for financial irregularities amounting to N100.37bn, as highlighted in the 2022 Annual Report on Non-Compliance. Key issues include discrepancies in financial records, unaccounted funds for contracts worth N95.42bn, and unauthorized expenditures, prompting the Auditor-General to call on the National Assembly to enforce accountability and recover the misallocated funds.
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The Auditor-General of the Federation has indicted Nigeria's Federal Ministry of Power for financial irregularities totaling N100.37bn, as reported in the 2022 Annual Report on Non-Compliance. Key findings include a N230.80m discrepancy between the ministry's capital cash book and Government Integrated Financial Management Information System records, and unaccounted funds related to procurement violations.
The ministry also failed to provide procurement and contractors' files for contracts worth N95.42bn, impacting audit verification. Additionally, N282.67m was granted in non-personal advances exceeding the statutory limit, while N33.56m was spent on foreign travel without proper approvals.
The ministry could not account for N4.40bn allocated to hydropower projects. The Auditor-General urged the National Assembly to enforce accountability and recover funds.
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