Representatives give minting firm 7-day window on breaches raised by AuGF

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The House of Representatives Public Accounts Committee (PAC) has given Nigerian firm Security Printing and Minting NSPM Plc a 7-day window over breaches contained in audit requests raised against it by the Auditor General’s Office of the Federation (AuGF) covering the financial years 2017-2019.

The chairman of the committee, Hon. Busayo Oluwole Oke, (PDP-Osun) delivered the decision on Friday when the Agency’s management appeared before him on the audit issues raised against him who did not care about the restitution of financial accounts and expenditure not approved during execution. in billions of naira against federal government financial regulation.

Hon Oke noted that as a public liability company, all avenues relating to the issues raised in the motions must be investigated diligently before the Committee approves the sanctions recommended by the AuGF for the alleged violations.

He added that the window that is given to the Agency is for it to provide sufficient evidence to back up its explanations for the infractions noted by the AuGF.

Queries arising from the Auditor General’s report against NSPM plc for the years under review resulted in a sum of N91.096 million which was shown in the consolidated financial statements as being spent on fixed assets not could be verified with the asset register due to the lack of proper non-current inventory records.

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This and similar scenes that took place on consumables, and not captured in inventory receipts and exit logs,
According to the queries, the cumulative total amount which could not be confirmed in the company’s financial statements was catapulted to N98 million.

The audit query also alleged that the NSPM had made payments totaling N14.426 million to staff in the form of salaries and allowances between 2016 and 2019 without proof of approval from the National Salaries, Incomes and Wages Commission. .

He also alleged, among other things, that the figures contained in NSPM plc’s statement of financial performance were different from the balances obtained from the trial balance.

IS Agency Secretary Garuba, in response to questions, said that its financial statements have been in accordance with IFRS since 2013, adding that its records, inventory receipts are up to date.

He further explained that as a quasi-private entity, NSPM plc does not go through the Nigerian Income and Wages Commission for the determination of staff salaries and as such the overpayment staff salaries as contained in the requests could not have been raised.

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