The 2019 Audit Report review done by Dataphyte shows that Nigerian Ministries, Departments and Agencies, MDAs, spent monies running into trillions of naira without appropriation or financial transparency.
The review indicates that overdrawn accounts, non-disclosure and misappropriation took a beating as MDAs fail to account for over N2 trillion.
According to the 2019 Audit Report, the federal ministries, departments and agencies collectively are unable to account for at least N2.5 trillion.
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The International Public Sector Accounting Standards (IPSAS) states that “Public sector entities are typically subject to budgetary limits in the form of appropriations or budget authorisations which may be given effect through authorisation”.
Also in the review Seven Area Commands of the Nigerian Customs Services reported zero revenue despite being mandated to collect Common External Tariff, CET levies and fees.
(Editor: Terverr Tyav)
