Nigerians paid N2.15trn for petrol in 12 months, says NNPC

says 115 MDAs have submitted financial statements

By Victoria Ojeme and Fortune Eromosele

Executive Secretary of the Financial Reporting Council (FRC) of Nigeria, Amb. Shuaibu Ahmed, has disclosed that the Council has undertaken a review of the financial statements submitted by the Nigerian National Petroleum Corporation, NNPC.

He made this known at a two-day national learning and development programme on accounting ting and financial reporting in the public sector, held in Abuja.
According to him, controversies have trailed reports behind NNPC’S financial statements, adding that the Council kept mute for adequate review before it relays information back to the public.

His words, “We have undertaken a financial review of the NNPC. We’ve kept quiet and not said anything. We are reviewing that, we’ve only done the review, we are now reaching for the NNPC and few auditors to provide us with the management letters for NNPC, we are expecting to get that within the next week or so.

“And once we get that we will look at it and invite them to appear before us to clear some of these infractions we may have noticed and at the end of the day we will let you know the outcome of that review.”

He also noted that the Council had undertaken reviews of banks, pension fund administrators and pension fund custodians. He said:

“We’ve undertaken a review of all the financial statements of banks and pension fund administrators, pension fund custodians over the last couple of weeks.

“We’ve done desk review of that, the next step is to invite them for inspection meetings both the auditors and the entities to come and clear themselves.”

To this end, Ahmed highlighted that since his resumption in the office in May this year, about 115 Ministries, Departments and Agencies of Governments, MDAs, have submitted their financial statements to the Council.

“Since I assumed duty as Executive Secretary FRC of Nigeria in May this year, one of the first things we did was to write to all government ministries departments and agencies to remind them that they are supposed to file their annual financial statements.

“We also undertook newspaper publications just to inform them of their responsibility. So far over a 115 public sectors have filed their annual financial statements to the Council.

“Public sectors comprising of government parastatals, agencies and government business entities have filed their annual financial statements with the Reporting Council. For those that have not filed, we are moving to sanction them,” he said.


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