No Money Missing From Federation Account – Auditor-General

Office of the Auditor-General of the Federation has said that no money is missing from the Federation account.

In a clarification note released by the AuGF’s press unit on Thursday Augusy 18,  Auditor-General for the Federation (AuGF), Mr Aghughu Adolphus stated the “Unsubstantiated balances of N4.97tr” mentioned in his address during submission of his Annual Report on the Federal Government of Nigeria (FGN) Consolidated Financial Statements for the year ended 31st December, 2019 to the Clerk to the National Assembly on 18th August , 2021 was not misappropriation of funds as misrepresented in certain section of both print and electronic media.

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According to Aghughu, the materiality was determined in the context of the likely errors and unsubstantiated balances amounting to N4.97tr noted in the course of the audit which was above the materiality level of N89.34bn set for the audit, among others.

The statement read;

“The Auditor-General for the Federation (AuGF), Mr Aghughu Adolphus A., JP, FCNA, FCTI wishes to state unequivocally that the “Unsubstantiated balances of N4.97tr” mentioned in his address during submission of his Annual Report on the Federal Government of Nigeria (FGN) Consolidated Financial Statements for the year ended 31st December, 2019 to the Clerk to the National Assembly on 18th August , 2021 was not misappropriation of funds as misrepresented in certain section of both print and electronic media.

“For avoidance of the doubt, the AuGF states ‘The materiality was determined in the context of the likely errors and unsubstantiated balances amounting to N4.97tr noted in the course of the audit which was above the materiality level of N89.34bn set for the audit, among others.’

“This statement was made as one of the basis for his qualified opinion. The qualified opinion notwithstanding, the FGN Consolidated Financial Statements for the year ended 31st December, 2019 was true and fair.

“The general public should be guided by the above clarifications as no money is missing from the Federation Account of the Federal Republic of Nigeria.”