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Drama as NSITF claims termites ate vouchers of N17.1bn spending

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The Nigeria Social Insurance Trust Fund (NSITF) has failed to account for the spending of N17.158 billion which was allegedly misappropriated.

On Friday, past and current management staff of the agency appeared before the Senate Committee on Public Accounts to defend queries raised against the agency in the 2018 audit report.

According to the audit report, the sum of N17.158bn was allegedly transferred by NSITF from its Skye and First Bank accounts into various accounts belonging to individuals and companies from January to December 2013.

“However, payment vouchers relating to the transfers together with their supporting documents were not provided for audit. Consequently, the purpose(s) for the transfers could not be authenticated,” it read in part.

“These are in violation of Financial rule 601 which states that “All payment entries in the cashbook/accounts shall be vouched for on one of the prescribed treasury forms. Vouchers shall be made out in favour of the person or persons to whom the money is actually due.”

However, none of the past and present management staff of the agency could provide satisfactory explanations on the expenditure.

But the incumbent Managing Director of NSITF, Michael Akabogu said there were no such documents in their custody.

He said, “The container the said documents were kept by past management has not only been beaten by rains over the years but even possibly being eaten up by termites.

“As directed by this committee, I told the past management officers the need for them to help us out in answering this query with necessary documents which have not been made available for us.”

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