N4.9trn Audit: No Money Is Missing From Federation Account – Auditor-General Clarifies

Auditor-General for the Federation (AuGF), Adolphus Aghughu has stated that no money was missing from the federation account, clarifying his statement on the 2019 audit report.

This was contained in a statement released on Thursday in Abuja by the head of press, office of the auditor-general for the federation (OAuGF), Aghughu 

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The auditor-general for the federation on Wednesday had told the national assembly that his office uncovered unsubstantiated balances amounting to N4.973 trillion in the audit carried out on the 2019 consolidated financial statement of the federal government.

Clarifying the statement, he said the ‘unsubstantiated balances of N4.97 trillion’ mentioned in his address was not misappropriated from the federation account.

“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.

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“This statement was made as one of the bases 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.

Photo Credit: Getty