The Senate Uncovers N1.5 Trillion Waste

The Senate Uncovers N1.5 Trillion Wasted On Frivolities



A report by the Senate Committee on Public Accounts has disclosed that N1.518 trillion voted into the Special Funds Accounts (SFA) between 2002 and 2012 was alleged to have been misappropriated.
The Special Funds Accounts were initially established to mitigate peculiar areas of needs in the country in 2002.
Of the said funds, the Senate committee, in its finding, discovered that a total amount of N1.043, 230, 990, 411.61 was abused during the period.
During the period under review covered the administrations of former Presidents Olusegun Obasanjo and late Umaru Musa Yar’Adua as well as some part of President Goodluck Jonathan’s present tenure of office.
The Senate returned damning indictments on the successive governments and also blamed itself for not carrying out its oversight functions in respect of the funds.
Why are funds being wasted when millions go hungry everyday in Nigeria?