Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the newsify domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/newsfyvk/public_html/wp-includes/functions.php on line 6121
Senate Indicts NSITF Management, Alleges Agency Embezzled N84bn In Four Years – NewsTrack Nigeria
29th April 2025
Crime & Investigation Eastern News National News News

Senate Indicts NSITF Management, Alleges Agency Embezzled N84bn In Four Years

Senate Indicts NSITF Management, Alleges Agency Embezzled N84bn In Four Years

The Senate on Monday berated the management of the Nigeria Social Insurance Trust Fund over an alleged misappropriation of N84bn within four years.

The Senate Public Accounts Committee stated this while scrutinising the 2017 report of the Auditor General for the Federation.

The Chairman of SPAC, Matthew Urhoghide, alleged that N84bn was misappropriated within four years based on the 12 out of the 50 queries before his panel.

Urhoghide said, “Twelve out the 50 queries investigated so far by the committee is excess of N84bn was misappropriated, just unfortunate, in the place of four years.

“They depleted our resources, just a few human beings who are mindless.

“They are all guilty; they are implicated. The agency is most defiant and most nutritious.”

One of the query reads, “Audit observed that the Fund had been implementing a salary structure that is not approved by the National Salaries, Income and Wages Commission.

“As a result, irregular payment of N 38,219,919,530.32 by way of personnel cost was made to the staff of the Fund from 2012 to 2017.

“Implementation of unapproved salary structure may result in wastage of public funds, as remuneration may be higher than the productivity level of staff.

“The managing director is required to provide the approval of the National Salaries, Income and Wages Commission for the implementation of the fund’s salaries structure.”

However, the Managing Director of the NSTIF, Dr Michael Akabogu, claimed that the amount was approved through a letter dated 4th July, 2019.

Meanwhile, when the Committee looked at the letter from National Salaries, Incomes and Wages Commission on the alleged illegal salary at the commission, it was observed the letter was written five years after the commission started paying the salaries.

The committee further discovered in the letter from National Salaries, Incomes and Wages Commission that an objection was raised about the payment of unapproved salaries by the commission.

– Punch

Spread the love
About Author

NewsTrack Nigeria

Leave a Reply

Your email address will not be published. Required fields are marked *