Budgetary Allocations: Senate queries 558MDAs over failure to account for N969bn “intangible assets”

About 558 ministries, departments, and agencies (MDAs) have been queried by the Senate Public Accounts Committee for failing to account for N969bn “intangible assets” in the 2019 budget.

While considering the 2019 report of the Auditor-General for the Federation on Monday, members of the Committee noted that there was no disclosure by the MDAs to enable audit to confirm the assets.

The Vice Chairman of the Committee, Senator Ibrahim Hassan Hadejia, revealed that the details of the agencies involved were contained in the Auditor-General’s report.

According to the report, “Audit observed from review of notes 36 and 36A (Intangible) to the FGN Consolidated Financial Statement that the sum of N969bn was recognised under Notes 36A as Intangible Assets without a schedule showing the classification/nature of the intangible assets contrary to the provision of IPSAS 31.”

“There was no disclosure to enable the audit confirm which of the intangible Assets has finite and infinite life.”

In his remarks, the representative of the Accountant-General of the Federation, Shuaibu Sikiru, said the template would be redesigned to accommodate the observation in subsequent years.

TNN gathered that the 558 agencies include State House, Bureau of Public Enterprises (BPE), Bureau of Public Procurement (BPP), National Population Commission (NPC), Federal College of Forestry, Ibadan, Federal College of Forestry, Jos, National Orientation Agency (NOA), Bureau of Public Service Reforms and Nigeria Police Academy, Wudili.

Others are the Federal Civil Service Commission, Office of the National Security Adviser, Federal Ministry of Interior, Nigeria Immigration Service, Federal Fire Service, Police Formation and Command, Headquarters, Nigeria Security and Civil Defence Corps (NSCDC),  Office of the Head of the Civil Service of the Federation, Federal Government Staff Housing Loans Board, Federal Training Center, Ilorin, Office of the Economic Adviser to the President and the National Broadcasting Commission (NBC).

Also, the Voice of Nigeria, Nigerian Film Corporation, National Theatre, Federal Ministry of Information, Headquarters, News Agency of Nigeria (NAN), Administrative Staff College of Nigeria, and many others, were included.