President Bola Tinubu has submitted a proposal seeking Senate approval for the securitisation of the balance of Ways and Means revenue in Nigeria’s Consolidated Revenue Fund (CRF), citing concerns about outstanding debt due to domestic debt servicing. Addressing Senate President Godswill Akpabio, Tinubu underscored the necessity of addressing the debt burden through this strategy. “In Read More…
As of October 2023, Lagos, one of Nigeria’s 36 states, has earned an “Excellent” rating in the Institute of Chartered Accountants of Nigeria (ICAN) Accountability Index, setting the bar high for audit compliance among the nation’s states. The ICAN Accountability Index, established by the Institute of Chartered Accountants of Nigeria, serves as a comprehensive evaluation Read More…
Financial consultant, Mr. Tilewa Adebajo, has criticised the Senate for secretly approving former President Muhammadu Buhari’s request to securitise Nigeria’s Ways and Means advances. Adebajo pointed out that this action essentially transforms Nigeria’s substantial Ways and Means indebtedness into further loans in the form of bonds and other securities. He explained, “Securitisation means the government Read More…
Former president of the Institute of Chartered Accountants of Nigeria (ICAN), Ismaila Muhammadu Zakari, has urged the National Assembly to consider a constitutional amendment that would require the president to present the annual audited accounts before the National Assembly. Zakari’s proposal mirrors the process of seeking legislative approval for the budget, aiming to enhance transparency Read More…
In a recent development, we published a story concerning the absence of audit reports from the Lagos State Government since 2019 and the delay in the appointment of an Auditor-General. However, we have since discovered that our initial report contained inaccuracies. The Lagos State Government did, in fact, publish audit reports for the years 2020, Read More…
Vice President Yemi Osinbajo says audit process in Ministries, Departments and Agencies (MDAs) is a critical strategy in curbing misappropriation of public fund. Osinbajo expressed this view at the Virtual Workshop of the Office of the Auditor-General of the Federation on Monday. The Vice President commended the Office of the Secretary to the Government as Read More…