….Orders refund within 60 days

The Office of the Accountant General of the Federation illegally withdrew N665.8 billion from Development of Natural Resources Fund and Stabilization Funds and given as loans to various government agencies, the Senate has said.

The Red Chamber said the funds were withdrawn between 2004 and 2015 contrary to the established objectives of the fund.

The revelation is contained in the report of Senate Committee on Public Accounts on the Federation Account.

The committee had been investigating expenditures of federal government agencies from 2015-2018 based on an audit report by the Auditor-General for the Federation.

The panel presented the report of its six-month investigation on the Federation Account for the year 2015, which was approved by the Red Chamber before proceeding on annual recess.

The Auditor General’s report, in its query against depletion of Special Funds had said, “Amount totaling N455.8 billion were withdrawn from Development of Natural Resources Fund as loans to various beneficiaries between 2004 and 2015, contrary to the established objectives of the fund.

“The purpose of the Development of Natural Resources Fund is to provide financial resources to develop alternative mineral resources to oil and gas.

“Also, various amounts totaling N210.3 billion were withdrawn from Stabilization Fund as loans to various beneficiaries, between 2004 and 2015 contrary to the established objectives of the fund.