Senate Queries Financial Reporting Council  Over  N258 million   Expenditure 

4 years ago
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The  Senate has frowned at the extra-budgetary expenditure of N258 million by the Financial Reporting Council (FRC).
The upper house, which faulted the extra-budgetary expenditure on Personnel cost in the FRC approved budget in 2017, has, however, issued query to the agency.
The Senate Committee on Public Account  chaired by Senator Mathew Urhoghide, based the query on 2018 Audited Report which is being considered by the National Assembly.
The query reads: “We observed from our audit that the Council incurred the sum of N339,834,586.00 as against N81,245,107.00 contained in the 2017 approved budget.This resulted in an extra budgetary expenditure of N258,589,479.00 on personnel cost .
“This non-compliance with the Appropriation Act was due to the failure of the Executive Secretary to seek approval for supplementary budget from the appropriate authorities, that is, through the Ministry of Finance and National Assembly.”
But  the Executive Secretary of FRC, Daniel Asapokhai said, “for the year 2017, the sum of N81 million was appropriated as government subvention for personel cost for the council. The amount in question was to augument the Council’s personnel cost for the fiscal year in question.
“The Council customarily prepare its budget at the beginning of every year detailing  both Internally Generated Revenue (IGR) and government subvention. This is usually sent for approval before implementation.
“The Council has an approved salary structured which it pays from the IGR. The amount refrenced by the auditors as over expenditures not approved was staff salary funded via IGR which contained in the approved budget.'”
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