Audit observed from our audit that, the sum of N847,775,136.00 was posted as the amount of Internally Generated Revenue (IGR) from the Statement of Surplus or Deficit and other Comprehensive Income for the year ended 31st December, 2017. The Council got approval to spend the sum of N572,222,495.00 on personnel and administrative costs, leaving a balance of N275,552,661.00 as operating surplus for the year.
There was no evidence to show that 80% of that amount had been transferred to CRF. Instead, treasury receipts relating to arrears of unpaid 80% operating surpluses were provided as evidence of transfer to CRF.
The Executive Secretary is required to remit the sum of N104,975,043.80 being outstanding balance of operating surplus into the CRF and provide evidence of compliance to the Public Account Committee of the National Assembly. Sanctions in line with FR 3112 (ii) should apply.
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