The Senate Public Account Committee (SPAC) is currently scrutinising the audit queries issued against the Nigeria Social Insurance Trust Fund (NSITF) as contained in the 2018 report of the Auditor General for the Federation (AUGF).
The AuGF queries indicated that the NSTIF could not justify the spending of N17.158bn in 2013, with required documents. The agency, however said some of the vouchers had been eaten up by termites.
The N17.158 billion as stated in the 2018 AuGF report, was the total amount of money transferred by the NSITF from its Skye and First Bank accounts into various untraceable accounts belonging to individuals and companies from January to December 2013.
The Auditor General’s office had in the 2018 Audit report, raised 50 different queries bordering on alleged misappropriation of funds by management of the agency.
One of the queries read: “The management of the NSITF as shown in statements of Account No. 1750011691 with Skye Bank Plc, for the period 1st January, 2013 to 20th December, 2013, and Statements of Account No.2001754610 with First Bank Plc for the period 7th January, 2013 to 28th February, 2013, transferred amounts totaling N 17,158,883,034.69 billion to some persons and companies from these accounts.
