PUTIN WOOS AFRICAN LEADERS AT SHOWCASE SUMMIT, SAYS RUSSIA IS BETTER PARTNER THAN 'COLONIAL' WEST. (PHOTO).

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 Putin woos African leaders at showcase summit, says Russia is better partner than 'colonial' West President Vladimir Putin told African leaders ​on Wednesday that Russia was their best partner, accusing what he cast as a colonial West of still trying ‌to exploit the continent's resources and using debt to hold back development, Reuters reported. The Kremlin chief was speaking at the third Russia-Africa Summit in Moscow, a two-day event attended by African leaders and government delegations from 48 countries, during which he will hold one-on-one talks with many of the 22 individual African leaders ​attending on everything from trade to security, arms deals and grain supplies. "Africa is increasingly asserting itself as one of the key players in the global economy and politics. However, the emergence of a multipolar world is, of ​course, no easy task; it faces resistance from countries that are not prepared to accept this reality: those who are accustomed to ​thinking i...
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HOUSE OF REPS DECRIES WEAK AUDITING SYSTEMS, BLAMES CORRUPTION ON FINANCIAL MISMANAGEMENT. (PHOTO).

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House of Reps decries weak auditing systems, blames corruption on financial mismanagement


The House of Representatives has attributed Nigeria's pervasive corruption to weaknesses in the country's auditing and accounting systems, which have led to significant revenue losses and hindered national development. This concern was raised during the budget defense session with the Office of the Auditor General for the Federation (OAuGF), chaired by Hon. Bamidele Salam, head of the Public Accounts Committee (PAC).


Highlighting the systemic gaps, Rep. Salam stated, “There are a lot of monies that ought to accrue to the government that we are losing due to weaknesses in our accounting systems, auditing processes, and overall financial management architecture. This also reflects in the budget performance of the Auditor General's office.” He emphasized the need for improved auditing coverage of major government Ministries, Departments, and Agencies (MDAs), noting that some key agencies have gone years without thorough audits. “If you don’t audit properly, it signals a lack of oversight, which can encourage impunity within these agencies,” he added.


Hon. Salam acknowledged the challenges faced by the Auditor General’s office, including budgetary and personnel constraints, which impede its ability to audit nearly 1,000 MDAs and conduct periodic reviews. Despite these limitations, the PAC is committed to collaborating with other parliamentary committees to ensure more impactful and results-driven auditing practices. The chairman also stressed that adequately funding and staffing the Auditor General's office could significantly reduce corruption. “We believe that a well-funded and well-staffed Auditor General’s office will help prevent corruption rather than fighting it after it happens. Prevention is the direction we are looking into,” he noted.


On budget performance, Hon. Salam criticized the poor implementation of the capital component of the 2024 budget, which he said undermines governance and development efforts. He urged the government to prioritize blocking revenue loopholes to reduce reliance on borrowing. Additionally, the PAC Chairman challenged the Auditor General to expedite the submission of annual reports, which are vital for the National Assembly to hold the executive branch accountable. He lamented that Nigeria lags behind countries like Kenya in the timely submission of audited financial reports.


In response, the Auditor General for the Federation, Shaakaa Kanyitor Chira, acknowledged the office’s challenges, including chronic underfunding and understaffing. These issues, he explained, have led to delays in compiling and submitting reports. Chira, however, assured the PAC of progress, committing to clear backlogs and submit the 2022 non-compliance and consolidated financial reports by March 2025. “My commitment is to submit the 2022 report by the first week of March and the consolidated financial report by the end of March,” he stated. As the PAC and OAuGF work towards addressing these challenges, stakeholders are hopeful that improved auditing systems and accountability measures will strengthen governance and reduce corruption in Nigeria.

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