The Digest:
The Auditor-General of the Federation has uncovered N118.75 million in undocumented expenditures by the Corporate Affairs Commission, including payments to National Assembly members for oversight visits, a revelation that highlights systemic weaknesses in Nigeria’s public financial management.
Key Points:
- CAC spent N118.75 million without invoices, memos, or purchase orders.
- Payments were linked to oversight visits by National Assembly committees.
- Six official vehicles were found in the custody of the supervising ministry.
- N123.94 million was paid to external solicitors without AGF approval.
- The Auditor-General rejected CAC’s explanations as unsatisfactory.
- Recovery of funds and assets has been recommended.
- Failure to comply may lead to sanctions under financial regulations.
Sources: Auditor-General’s Report, Premium Times
