Nigeria Senate has threatened to withhold the 2018 budgetary endorsements of the Economic and Financial Crimes Commission, EFCC, the Bank of Industry, BoI as well as other parastatals and agencies of government for failing to submit at least two audited reports of the previous year to the Auditor-General of the Federation.
The Upper Chamber said that not less than 444 federal commissions, agencies, corporations and parastatals are yet to submit the report of their audited accounts to the Auditor General of Federation.
The Senate added that exercise contravenes Section 85 of the 1999 constitution, which mandates federal agencies to submit their audited reports to the Auditor General of the Federation for onward transmission to the National Assembly.
Accordingly, the Senate gave a deadline of May 2018 to defaulting parastatals in arrears of submission of audited accounts for two years and above to do so or have their 2018 budget withdrawn.
The resolution followed the report submitted to that effect by the chairman, Senate Public Accounts Committee, Matthew Urhoghide.