i.Fourteen (14) cash advances totalling N12,478,838.44 were granted to eleven (11) officers in 2017 to carry out various services.
ii.The advances were in excess of the approved threshold of N200,000.00 as required by the above extant regulations
iii. Government have been deprived of the sum of N1,247,883.84 that would have accrued by way of 5% Value Added Tax (VAT) and 5% Withholding Tax (WHT).
iv.Two officers were granted multiple cash advances without retiring previous ones.
The Managing Director is requested to:
I.Provide reasons why advances were granted to staff in excess of the approved threshold.
II.Remit the sum of N1,247,883.84 that would have accrued by way of Withholding Tax and VAT to relevant authorities.
III.Forward evidence of remittance to the Public Accounts Committees of the National Assembly
IV.Otherwise, sanctions relating to failure to collect and account for Government Revenue specified in paragraph 3112 of the Financial Regulations should apply.
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