FG loses N557bn to lack of adequate audit in 5yrs — Report

A report by Paradigm Leadership Support Initiative shows the Federal Government lost N557bn from 2013 to 2017 owing to 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. 

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He said: “This report examined 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.”