Audit observed that, the School of Industrial and Continuing Education (SICE) generated the sum of N82,433,300.00, during 2016/17 academic session. An expenditure of N54,508,800.00 was incurred, resulting in a balance of N38,967,000.00.
Furthermore, the sum of N23,829,600.00 was paid as honorarium, leaving a balance of N15,137,400.00 unaccounted for. This income was treated separately from the Institute’s IGR and should be accounted for.
This infraction was due to the failure of the Principal to strictly adhere to the provisions of extant laws and regulations especially as they relate to the recognition and accountability of public funds.
The Principal is required to account for the balance of N15,137,400.00. Sanctions in line with Financial Regulation 3115 should apply.
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