THE Nigeria Social Insurance Trust Fund (NSITF) has alleged Tha termites ate up documents containing expenditures worth N17.1 billion.
These documents are said to contain details of spending by the agency in 2013.
The NSITF management stated this when it appeared before the Senate Public Accounts Committee (SPAC) today.
Details of this expenditure and more are contained in the 2018 audit report of the Office of the Auditor General of the Federation (OAuGF).
In the report, which is now being considered by the SPAC, the OAuGF queried the agency for spending billions without appropriate supporting documents.
The management could not, however, justify the spending of the money when it was confronted by the panel.
The OAuGF said the N17.158 billion represented the total amount, transferred by the NSITF from its Skye Bank and First Bank accounts, into various untraceable accounts between January and December 2013.
These accounts, it said, belongs to individuals and companies.
The report also issued 50 different queries for alleged misappropriation of funds against the agency.
“Management of NSITF, as shown in statements of account number 1750011691 with Skye Bank Plc, for the period 1st January, 2013 to 20th December, 2013, and statements of account number 2001754610 with First Bank Plc for the period January 7, 2013 to February 28, 2013, transferred amounts totalling N17,158,883,034.69 to some persons and companies from these accounts,” part of the report read.
“However, payment vouchers relating to the transfers together with their supporting documents were not provided for audit. Consequently, the purpose(s) for the transfers could not be authenticated.“
The OAuGF noted that these are in violation of Financial Regulation 601 which states that “all payment entries in the cashbook/accounts shall be vouched for on one of the prescribed treasury forms. Vouchers shall be made out in favour of the person or persons to whom the money is actually due.
“Under no circumstances shall a cheque be raised, or cash paid for services for which a voucher has not been raised.”
