Nigeria: Senate Queries Agency for Failing to Submit Financial Records for Audit

NAIC failed to submit its 2021 to 2023 financial records for audit.

The Senate queried on Monday the Nigerian Agricultural Insurance Corporation (NAIC) over failure to submit its 2021 to 2023 financial records for audit.

Sani Musa, chairperson of the Joint Senate Committee scrutinising the 2024 – 2026 Medium Term Expenditure and Fiscal Strategy (MTEF) Paper, issued the query at the ongoing public hearing.

MD/CEO of NAIC, Folashade Joseph, appeared before the committee to defend the agency’s plan to increase revenue in the 2024 fiscal year.

Mrs Joseph said her agency was unable to remit revenue to the federal government’s account because it recorded a huge loss in 2022.

Responding, Mr Musa who is also chairman of the Senate Committee on Finance queried the agro-insurance agency for recording huge loss despite financial support and intervention from the federal government.

He directed the NAIC boss to present the agency’s audited account from 2021 to the third quarter of 2023 for the committee to determine whether the agency has incured a loss or not.

Mr Musa lamented that many of the Ministries, Departments and Agencies (MDAs) of the federal government mismanaged funds allocated to them.

He assured that the upper legislative chamber would block revenue leakages in all ministries departments and agencies (MDAs).

“For a long time the accounts of MDAs have been run as personal property. We want to make a difference.

“We want to ensure that the right thing is done, and that this government has what it wants to give Nigerians the dividends of democracy,” Mr Musa said.


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