N84b misappropriated in four years by NSTIF — Senate
The Senate on Monday disclosed that about N84 billion was mismanaged by the management of the Nigeria Social Insurance Trust Fund within four years from 12 out 50 queries investigated so far.
The Chairman, Senate Public Accounts Committee, Senator Mathew Urhoghide, who made this disclosure, said the agency is a cesspool of corruption with the investigation so far by the committee.
According to Urhoghide, 12 out 50 queries investigated so far by the Committee showed that over N84 billion was misappropriated.
He said: “Just unfortunate in a pace of four years, they depleted our resources.
“Just few human beings who are mindless.”
He added that it is unfortunate that the Management of NSTIF and board of NSTIF colluded between 2012 and 2017.
He said: They are all guilty, they are implicated, they stole the place dry.
“The agency is most defiant and most nutritious.”
One of the query reads: “Audit observed that the Fund had been implementing a salary structure that is not approved by the National Salaries, Income and Wages Commission.
“As a result, irregular payment of N38,219,919,530.32 by way of personnel cost was made to the staff of the Fund from 2012 to 2017.
“Implementation of unapproved salary structure may result in wastage of public funds as remuneration may be higher than the productivity level of staff.”
“Recommendation: The Managing Director is required to provide the approval of the National Salaries, Income and Wages Commission for the implementation of the Fund’s salaries structure.”
But the Managing Director of NSTIF, Dr. Michael Akabogu, claimed that the amount was approved by the through a letter dated July 4, 2019.
However, when the Committee looked at the letter from the National Salaries, Incomes and Wages Commission on the illegal salary at the commission, it was observed it was written five years after the Commission started paying the salaries.
The Committee further discovered in the letter from National Salaries, Incomes and Wages Commission, an objection was raised about the payment of unapproved salaries by the commission.
The National Salaries, Incomes and Wages …