Audit noted and observed that N81,775,938.88 and N420,568,153.47 were the amount transferred to various Educational MDAs for different purposes including flag-off of Scholarship scheme, purchase of 3000 JAMB forms for indigent students, 2020 World Teachers Day etc.
Furthermore, audit equally observed that the sum of N210,270,424.42 of money was swept into TSA at different period from the Accounts of the Trust fund in 2019 without due consideration of the Law establishing the Trust Fund. The Purposes for the funds swept was also not known to the Audit team.
Audit is of the opinion that dedicated fund like Education Trust Fund is a separate fiscal and accounting entity in which resources are held, govern by special regulations, separated from other funds and established for specific purpose”. Trust Fund is a fund whose resources are held by Government (as a Trustee) and it should be used for the purpose stated in the Trust Deed.
Considering the above, Ekiti State Education Trust Fund is a special fund, separated from all other funds and dedicated solely for Educational purposes. Any deviation from the above fact will amount to misapplication of the Trust fund.