Senate Criticises NSITF Over N17.2bn Transfer Without Documentation

Lawmakers Berate NSITF Over Alleged Fraud Of N84bn
Lawmakers Berate NSITF Over Alleged Fraud Of N84bn

The current and previous management of the Nigeria Social Insurance Trust Fund (NSITF) are under fire in the Senate for failing to provide the necessary supporting documentation for its N17.158 billion expenditure in 2013, some of which were allegedly chewed away by termites.

The entire amount of money transferred by NSITF from its Skye and First Bank accounts into numerous untraceable accounts owned by people and businesses from January to December 2013 was N17.158 billion, according to the 2018 Audit report.

The Senate Committee on Public Accounts looked into 50 questions that the Auditor-office General had raised in the 2018 Audit report about potential financial theft by agency management.

The statement stated: “Management of NSITF as shown in statements of Account No. 1750011691 with Skye bank plc, for the period of January 1 through December 20, 2013, and Statements of Account No. 2001754610 with First Bank Plc, for the period of January 7 through February 28, 2013, transferred amounts totalling 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.”

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