558 MDAs fail to provide classification of N969b intangible assets — Senate

The Senate on Monday uncovered how about 558 Ministries, Departments and Agencies failed to provide classification of intangible assets of N969 billion in the 2019 budget.

The shocking revelation was contained in the 2019 annual report of the Auditor-General of the Federation.

The report is currently being considered by the Senate Public Accounts Committee.

At a meeting chaired by the Vice Chairman of the Committee, Ibrahim Hassan Hadejia, senators were shocked about the huge sum of money categorised as Intangible Assets in the 2019 budget as captured in the Auditor-General of the Federation’s report.

The report reads: “Audit observed from review of notes 36 and 36A (Intangible) to the FGN Consolidated Financial Statement (CFS) that:

“The sum of N969 billion was recognised under Notes 36A as Intangible Assets without a schedule showing the classification/nature of the intangible assets contrary to the provision of IPSAS 31.

“There was no disclosure to enable the audit confirm which of the intangible Assets has finite and infinite life, a bad for determination whether amortization should be or not.”

The representative of the Office of the Accountant General of the Federation, Shuaibu Sikiru, in his response before the Senate Committee said the template will be redesigned to accommodate the observation in subsequent years.

Among the 558 agencies are State House, Bureau of Public Enterprises, Bureau of Public Procurement, National Population Commission, Federal College of Forestry in Ibadan, Federal College of Forestry in Jos, National Orientation Agency, Bureau of Public Service Reforms and Nigeria Police Academy in Wudili.

Others are Federal Civil Service Commission, Office of the National Security Adviser, Federal Ministry of Interior, Nigeria Immigration Service, Federal Fire Service, Police Formation and Command, Headquarters of the Nigeria Security and Civil Defence Corps, Office of the Head of the Civil Service of the Federation, Federal Government Staff Housing Loans Board, Federal Training Center in Ilorin, Office of the Economic Adviser to the President and National Broadcasting Commission.

Also involved are the Voice of Nigeria, Nigerian Film Corporation, National Theatre, Federal Ministry of Information, Headquarters of the News Agency of Nigeria and Administrative Staff College of Nigeria.