The Senate Public Accounts Committee (SPAC) has currently put the present and past management of the Nigeria Social Insurance Trust Fund (NSITF) under scrutiny.
The committee said it discovered that the fund’s management failed to produce relevant documents to justify alleged spending of N17.158 billion in 2013.
Some of the documents to back the expenses were said to have been eaten up by termites. The Office of the Auditor General of the Federation (OAuGF), in its 2018 audit report which is now being considered by the Senate panel chaired by Senator Matthew Urhoghide (Edo South) had queried the agency over the disbursed sums without appropriate supporting documents.
In his report, the AuGF said the N17.158 billion represented the total sum of money, transferred by the agency from its Skye and First Bank accounts, into various untraceable accounts belonging to individuals and companies between January and December 2013.
The OAuGF had, in its 2018 audit report, raised 50 different queries bordering on the alleged misappropriation of funds against the agency.
However, payment vouchers relating to the transfers and supporting documents were not provided for audit. Consequently, the transfer’s purposes could not be authenticated.