The Nigerian Senate has ordered over 256 Federal Government’s agencies and parastatals to present reports of their audited accounts up to 2017 or have their 2018 budgets withheld.
It issued the ultimatum while considering the report by the Committee on Public Accounts on the ‘Status of Compliance of Parastatals’ Submission of Audited Accounts’ at the plenary on Wednesday.
The Senate said only about 10 per cent of the 491 bodies had presented reports of their audited reports to the Auditor-General of the Federation, as required by Section 85(3) of the Constitution.
To be affected by the deadline are 256 bodies that have not filed their reports in over two years or never at all; while 235 are either up to date or have arrears of two years and below.
In the report, the committee said 85 bodies had never submitted their reports since their creation.
Most prominent in this category are the Ajaokuta Steel Company, Ajaokuta, Kogi State; Bank of Agriculture, Kaduna; Bank of Industry, Abuja; Economic and Financial Crimes Commission, Abuja; Nigeria Football Federation, Abuja; and the Transmission Company of Nigeria, Abuja.
The report also said said 47 bodies had fully complied, while those with arrears of between one and two years were 235; those between three and five years were 103; those between six and 10 years were 17; while those with 11-year arrears and above were four.