News
Senate Queries Loss Of N54bn On External Loans
The Senate has called for the sanction of officials in the Office of the Accountant-General of the Federation, who made Nigeria lose $274.2million (N54.1billion) on external loans.
The Upper Chamber approved the report of the Senate Committee on Public Accounts before proceeding on annual vacation, last week.
The Senate, in its resolution, asked the Accountant-General of the Federation, Ahmed Idris, to identify the officers and sanction them for mismanaging public funds, in accordance with Rule 3115 of the Financial Regulations and for gross misconduct.
Rule 3115 of the Financial Regulations reads, “An accounting officer who is queried for his failure to manage or spend public funds, effectively or who spends public money without due regard to economy contrary to Financial Regulation 415 and fails to reply to the query, shall be removed from the schedule and be disciplined in accordance with the Public Service Rules.”
The Auditor-General of Federation’s query titled, “Inconsistent exchange loss difference on external loans” reads, “During the examination of Note 51 and Appendix to Note 52, it was observed that there was a total exchange loss difference of $278.2 million (N54.1billion) reported by the Office of the Accountant-General of the Federation in the document provided but this could not be found in the DMO (Debt Management Office) document.
“Also, the criteria for arriving at the exchange loss difference of $274.2million (N54.1billion) was not disclosed.
“The Accountant-General of the Federation in his response maintained that the closing balance is as provided by DMO while the exchange difference of $274.2million (N54.1billion) was as a result of multiple currencies that were involved and single exchange rate.
“The Accountant-General of the Federation is (therefore) required to provide the source(s) of the exchange loss difference of $274.2million (N54.1billion) with documentary evidence.”
“Provide the calculations showing how these figures were arrived at and the reasons for the exchange loss for each of the figures should be explained. Disclose the source of exchange difference in a note.”
The upper chamber, in its resolution after the presentation of the report of the Senate Community on Public Accounts by Senator Matthew Urhoghide, upheld the recommendation of the committee asking that officials involved in the transaction be sanctioned.
The query is contained in the 2015 report of the Auditor-General of the Federation on the financial statement of the Federal Government of Nigeria and the Federation Account.
The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has tasked troops of Operation SAVANNAH SHIELD to dominate the battlespace and intensify offensive operations against kidnappers, bandits and other criminal elements in the North Central region.
Shaibu gave the directive yesterday during his maiden operational visit to the Headquarters, Joint Task Force North Central (JTF-NC), at Sobi Barracks, Ilorin.
This is contained in a statement by the Acting Director, Army Public Relations, Col. Appolonia Anele, in Abuja, yesterday.
Shaibu said the Nigerian Army would remain resolute in its constitutional responsibility of safeguarding lives and property, stressing that troops must sustain pressure to decisively deny criminal elements freedom of action.
He assured personnel of continued deployment of combat enablers and operational resources to enhance clearance operations and dismantle criminal hideouts across Kwara and Niger states.
The COAS reaffirmed his commitment to troop welfare, noting that improved welfare remained critical to sustaining morale, operational effectiveness and combat readiness.
He urged the troops to remain disciplined, professional and loyal to the Constitution and the democratically elected government.
Earlier, the Theatre Commander, JTF-NC Operation SAVANNAH SHIELD, Maj.-Gen. Yakubu Yahaya, commended the COAS for his strategic leadership and support.
Yahaya assured that troops would remain committed and steadfast in restoring peace and stability in the region.
The Nigerian Navy says it is expanding training and infrastructure to address emerging security threats and strengthen operational efficiency across formations and units nationwide.
The Chief of Naval Staff, Vice Adm. Idi Abbas, spoke during the inauguration of projects at the Nigerian Navy Basic Training School (NNBTS) in Onne, Rivers as part of activities marking the Nigerian Navy’s 70th anniversary.
Abbas, represented by the Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Adm. Ebiobowei Zipele, said the projects reflected significant progress made by the navy since its establishment in 1956 from the British Royal Navy.
“Training and infrastructure have improved significantly to meet contemporary security challenges and fulfil the navy’s constitutional responsibilities.”
According to him, the anniversary provides the navy an opportunity to reflect on its achievements and contributions over the past seven decades.
Projects inaugurated included a remodelled female trainees’ hostel accommodating more than 500 occupants and an expanded golf course upgraded from one to nine holes.
Others were the NNBTS fuel dump, Chief Boatswain’s Mate House, renovated pharmacy department and a new theatre block at the Naval Medical Centre, Onne.
Abbas described the new theatre as a major milestone for the navy’s medical services.
“Previously, injured personnel requiring surgeries were referred outside the facility.
“With this theatre, surgeries can now be conducted within the base.’’
He added that a 30KVA inverter had also been installed to guarantee uninterrupted electricity supply at the training school.
The naval chief assured officers, ratings and trainees that the navy leadership remained committed to their welfare and wellbeing.
“These infrastructure upgrades show the commitment of the Chief of Naval Staff to addressing operational and welfare challenges promptly,” he said.
In addition, NAVTRAC distributed educational materials to pupils of Community Primary Schools One and Two, Ogale, in Ebubu-Eleme area of Rivers.
Items distributed included exercise books, school bags and other writing materials as part of the navy’s civil-military engagement initiative.
Zipele said the outreach was designed to strengthen relations between the navy and host communities while supporting children’s education.
“Education remains critical to national growth and youth empowerment. Some of these pupils may eventually serve in the Nigerian Navy,” he said.
He noted that the initiative demonstrated the navy’s commitment to educational development, peace, security and sustainable community relations.
Zipele urged the pupils to remain disciplined, focused and committed to their studies while embracing patriotism, integrity and hard work.
He thanked the Ebubu community for its continued support for the naval training command headquarters and the navy.
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