Federal Account And Unremitted Funds

One of the most vicious impediments
to true democracy is the lack of ac
countability among those depended upon to manage public resources.  And because it is rooted in Nigeria’s culture of impunity, the people’s right to ask questions and get answers from their governments have been subverted near frequently.
This scenario makes non-sense of any claim to or actual fight against corruption, because  not only does it regularly shield culprits, it encourages the diversion of public resources to private uses. It is to avoid this that well-meaning Nigerians and civil society groups have continued to raise vital questions about the propriety of Nigerian government’s claim to fighting corruption.
In his last days as Governor of Central Bank of Nigeria Sanusi Lamido Sanusi blew the whistle about missing funds from the Federation Account. Although his figures changed from an initial 47 million dollars to 20 million dollars and then 10 million dollars, the general public believed that something must be potentially wrong with the system and demanded answers from the Nigeria National Petroleum Corporation (NNPC), the government agency at the centre of the drama.
Amidst denials by the NNPC, the National Assembly (NASS) waded into the matter with a view to ascertaining among others, how much money was truly missing, identify culprits, if any, and recommend how to recover such missing funds.
In the end however, the Upper Chamber of the NASS, the Senate said that it found out that no fund was missing from the Federation Account, but that some accruals were yet to be remitted to the Federation Account. This inadvertently confirms financial indiscipline on the part of corporate bodies and individuals depended upon to remit funds to the Federation Account as and when due.
We think that Nigerians have a right to know exactly how much of such public funds are yet to be remitted, by whom and why? It is also necessary to know what steps have been taken to ensure remittance of such funds and put in place further checks that would prevent any repeat.
These demands have become necessary if Nigeria is to make any headway in the battle against corruption in government and help address the country’s fluctuating fortunes. With daily dwindling resources, such loopholes ought to be sealed and necessary safeguards put in place to discourage financial impropriety.
Rather than toe the familiar path of corporate indifference to burning public concerns, The Tide expects the Senate to not only make public its findings, but also name culprits and recommend sanctions, if and where necessary or if all key actors in the drama are innocent, declare as such, in clear terms.
For now, the Senate’s conclusion that funds were not missing but not remitted further compounds public confusion over the initial alarm. And unless proper information and education are advanced, it will continue to create crisis of confidence between the people and government.
On its part, the Federal Government must make efforts to address the issues raised by the former CBN Governor, notwithstanding the disparity in figures. The first possible step would be to properly streamline the responsibilities of the NNPC and other auxiliary groups and insist on timely remittance of funds accruing to the nation.
Such arrangement must be transparent so that it does not leave the nation’s Apex bank, the CBN guessing. That way, Nigerians will better appreciate the circumstances surrounding the non-remittance of funds that tended to heat-up the polity and avoid making wrong conclusions.
It will also make the citizenry better informed on government programmes and projects and that way, help build the people’s confidence in government.
A citizenry that lacks confidence in its government cannot be depended upon to help tackle corruption and contribute meaningfully to national discuss and development. Only transparency, accountability and quick response to national concerns will help build that confidence, and deepen democracy.