Nigeria

Report: Nigerian government loses N557 billion to lack of adequate audit in five years

A report by Paradigm Leadership Support Initiative shows the Federal Government lost N557bn from 2013 to 2017 owing to a lack of adequate audit mechanism.

The organization said this in a research report titled ‘Achieving Accountability and Development in Nigeria’ presented by its Executive Director, Olusegun Elemo, weekend, in Abuja.

He said: “This report examined the compliance of federal ministries, departments, and agencies of government in Nigeria with the Public Procurement Act, Financial Regulations, and other relevant laws over a five-year period to ascertain the level of waste and inefficiency in the utilization of public funds and the consequent impact on Nigeria’s development.”

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