THE Senate Committee on Public Accounts, on Thursday, disclosed that over N44billion was missing from the Federal Government’s Special Intervention Funds on Solid Minerals.It, however, discovered massive discrepancies and violations in the disbursement and utilisation.
The committee gave example of how the missing money was reportedly spent, with over N4billion disbursed as loan to the Federal Ministry of Water Resources to fund the Gurara Water project, while about N224 billion was disbursed to the Ministry of Foreign Affairs for the purchase of chancery.
Others include various sums which were disbursed as loans to several other ministries and agencies to fund other projects like payment of monetisation to the federal civil servants, aviation, COJA, OPEC, Conference of Ministers, among other frivolities, including Joint Venture Companies (JVC), that had nothing to do with solid minerals and with no evidence of repayments.
The committee, however, found out that the records of the Federal Ministry Finance and those of the Central Bank of Nigeria (CBN) contradicted each other.
The two records could not account for about N44 billion out of the total figure of N873billion in one year, which is the total record between 2002 and May 31, 2012.