Audit observed that the sum of N9,735,870.00 was granted as cash advances to some Institute’s members of staff above the stipulated N200,000.00 approval limit, between March and November 2018, for direct procurement of store items and rendering of services to the Institute in contravention of provision of extant circular
quoted above. This led to Loss of revenue to government totalling N973,587.00 that would have accrued from taxes (WHT & VAT) if contract(s) were awarded, and there was
likelihood of non-execution/performance of the services claimed.
The Acting Executive Director is requested to:
I.Furnish reasons why payments amounting to N9,735,870.00 were made as cash advances above the stipulated N200,000.00 approval limit.
II.Account for the sum of N973,587.00 being loss of revenue to government.
III.Remit the sum of sum of N973,587.00 to the treasury.
IV.Forward evidence of remittance to the Public Accounts Committees of the National Assembly.
V.Otherwise, apply sanctions relating to irregular payment and failure to collect and account for government revenue specified in paragraphs 3106 and 3112 of the Financial Regulations respectively.
N/A
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