… As Stakeholders Asked INEC To Account For Over N300bn IREV Allocation For 2023 Elections
Chairman, Senate Committee on Public Accounts, Senator Aliyu Wadada on Monday clarified the parliament’s position on the ongoing investigation into the financial status of Nigerian National Petroleum Corporation Limited (NNPC) to the tune of N210 trillion.
The Senator stated this in Abuja after the opening of the 2025 National Conference on Public Accounts and Fiscal Governance, with the theme: ‘Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development’, organised by the Senate and House of Representatives Committees on Public Accounts.
Senator Wadata, who spoke during the panel discussion on ‘The state of fiscal governance in Nigeria and accountability’, moderated by Professor Sam Amadi of Abuja School of Social and Political Thought, inquired about the roles of Accountant and Auditor in financial management.
“Our audience may find it a bit ridiculous for members of the legislature, senators and possibly House of Reps’ members to be talking about what we are talking about because it is one of our responsibilities to create that required level of education and enlightenment to the citizens so that they appreciate what we’re doing better.
“One of the panellist members did mention the investigation that the Senate Public Accounts Committee is doing on NNPC, and that is why I asked the question I’ve asked. Now, Mr. Auditor, for an account audited financial statement that is not made up, can that be considered to be a valid audited financial statement?” Senator Wadata said.
In his response, Professor Sam Amadi said: “Essentially, the law prescribes a process for doing something, and that process, because by the way, when we say the law prescribes, it’s actually the National Assembly that prescribes it. We should be very clear about that.
“So if the National Assembly has said how an agency should do its account, and it does not follow, then it’s not complied, it’s not a valid public account.”
Senator Wadata, who aligned with Professor Amadi’s submission, said: “Fantastic, and the Senate Committee on Public Accounts did not say anywhere that N210 trillion has been stolen, but that NNPC should and must account for N210 trillion, that’s it.”
Speaking further, Professor Amadi said: “In 2023, the African Development Bank and two East African Development Institutions organised a public finance service academy for Africa, and I was one of the keynote speakers, and I spoke on the role of the National Assembly.
“Because the idea of separation of power is that, one, the Executive spends. Two, they can’t spend until the Legislature approves. Three, after spending, Legislature reviews. That is the framework of public finance management. And by achieving that, we have laws, the constitution, the FRA, the DMO Act, and several other laws and social instruments, including a financial circular from the Head of Service.
“The National Assembly in other places, we have public hearings and investigations, lead to a complete indictment. Now, the indictment is a trigger by which there is public persecution. If we went to the U.S., we want the prosecution of public officers; there is a certain misdemeanour that the legislature will indict you.
“That indictment now exposes you to persecution. So I promise the Leader, that I will give you a draft bill to amend the constitution so that you have the power to indict public officers. So that those indictments will mandate the Police to now persecute.
“You have a Court where you have the power to indict. It doesn’t make sense to conduct public hearings, and investigations, with reports, and there’s no indictment. That’s not important.”
Speaking on the need to reform the country’s public procurement, he underscored the need for the Executive to provide a cost-benefit analysis to justify borrowing.
“A cost-benefit analysis is a total calculation of the monetary value of all environmental, social, short-term, long-term, and middle-term impacts. So when the National Assembly approves borrowing, are you not seeing a way between cost-benefit analysis? Then you’re not doing your job, you’re doing yourself. Your job is to insist on a cost-benefit analysis.
“Because it doesn’t tell you around, first, the DMO Act says, and DMO says, you can’t even borrow until you show how that borrowing will work, what will benefit short-term government, and what will be used in the short term. So I think, sir, that the solution, halfway, is for the National Assembly to take most of the oversight of the rest of the security. Exactly, from sections 44, 45, 43.
“And yes, you must provide that proof. And again, before you trigger it, you must test. There’s also a requirement that facts, no bank will give a name to a state unless a Minister has given real authorisation.
“And it cannot happen, but the National Assembly has approved. So if you look at the DMO Act, also, when it exists, so, the President is right, we have laws. But as a caveat here, most of our laws, yes, we have laws, but our laws are not adequate in their qualities, qualities, that’s the point I’m making.
“We need to review our laws to make sure that they benefit from social science methodology and research.”
He also called out the management of the Independent National Electoral Commission (INEC) on the utilisation of the N306 billion spent on the procurement of IREV during the 2023 general elections.
“For example, I think after this election, since 2023, has INEC submitted to the National Assembly the financial report of all the political parties as required by the Electoral Act? INEC ought to have obtained all the parties and submitted to the National Assembly a report of their financials namely contributions, expenditure, or detail, which the National Assembly will know when the party has been elected. Have you got that?
“Has INEC submitted a report of their 360 billion IREV costs? Have you submitted it? Please, until you require the agencies to submit the report which the National Assembly has said they should submit. We can’t move forward.”
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