Looted Funds: Expert seeks probe of states’ finances

A former President of the Association of National Accountants of Nigeria (ANAN), Dr. Samuel Nzekwe, has called on state governors across the country to beam the searchlight on the finances of their states in the last four years in the manner that President Muhammadu Buhari is currently doing to former President Goodluck Jonathan’s administration. In a chat with the New Telegraph, he commended President Buhari for taking steps to recover the country’s looted funds and plug revenue leakages, pointing out that the move is critical to reviving the nation’s economy.
He, however, argued that in order for the probe at the federal level to have the desired impact on the country, it should also be carried out in states. Nzekwe said: “I believe it’s a good decision to probe the past government so that anyone found to have taken what does not belong to him should be made to return it.
This is what the country needs at this time. But I would also suggest that governors should also probe the finances of their states in the last few years. A lot of damage was really done at that level and this should not be ignored.” He also contended that with similar probes taking place at the state level, the perception in some quarters that the probe of the Goodluck Jonathan administration was a witch-hunt would be significantly reduced.
On the decision of the National Economic Council’s adhoc committee on the management of the Excess Crude Account (ECA) proceeds and accruals into the Federation account to hire KPMG and the Price WaterHouse Coopers (PwC) to audit the accounts of all Federal Government’s revenue- earning agencies, Nzekwe said he fully supported it. He explained that although the agencies might have undergone a statutory audit, there was nothing unusual if they were audited twice in a year. Nzekwe said: “The statutory audit is in line with the law, but the forensic audit is an investigation. The forensic audit probes much deeper than the statutory audit.


For the full story, check New Telegraph newspaper.





























































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