Audit observed during the audit that, the sum of N762,730,000.00 was disbursed through various financial institutions to beneficiaries of Conditional Grant Scheme for Micro and Small Enterprises growth in the six (6) geopolitical zones. Benefiting States include; Benue, Katsina, Gombe, Akwa Ibom, Ebonyi and Oyo. Thirteen thousand, one hundred and sixty (13,160) micro enterprises were expected to benefit from the six (6) zones with regards to Federal Constituencies within the Six (6) pilot states. However, vital information such as names of micro enterprises, physical addresses, phone numbers, email and key contact persons was not made available for verification, in contravention of extant laws and regulations.
This infraction was due to the failure of the Director-General to strictly comply with extant laws and regulations, especially as it relates to providing vital information and attaching key supporting documents to payment vouchers.
The Director General is required to provide full list of the beneficiaries containing their location in the six pilot states i.e. names, amount disbursed, contact addresses, phone numbers, email addresses and signatures showing evidence of collection of this fund to the Public Accounts Committee of the National Assembly and the Office of the Auditor-General for the Federation. Otherwise he should account for the sum of N762,730,000.00 supposedly disbursed to the financial institutions on behalf of beneficiaries.
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