HOUSE OF REPRESENTATIVES COMMITTEE FROWNS AT MDAs’ POOR ACCOUNT SUBMISSIONS 16-11-23
By Sadiq Aminu The House of Representatives Committee on Steel Development, has frowned at poor account submissions by the Ministry and agencies under the committee’s purview.
The Chairman of the Committee Mrs Zainab Gimba, who made the remark during the 2023 budget appraisal meeting with the Ministry of Steel Development and related agencies, in Abuja, said the agencies were also not forthcoming in presenting their submissions.
Mrs Gimba stated that findings from documents submitted by the Ministry and agencies show clearly that there are basic and vital omissions of a common factor of failure to obtain valid bank statements from the Central Bank of Nigeria (CBN) to produce standard bank reconciliation statements.
“This omission calls for a credibility question, on the resultant financial statements from such a weak accounting system. Efficient accounting system and effective internal control system are comforts that ensures compliance to Laws, rules, regulations and standard that supports discharge of quality oversight function.
“We shall maintain uncompromising guidance towards achieving results. This is the essence of oversight in parliamentary representation.
She observed that the GIFMIS transactions listing doesn’t suffice as a bank statement, saying the required bank statement should be a complete ledger in columnar format showing transaction date, description/particularly, debit, credit and balance.
According to the committee chairman, steel development is a more reliable and sustainable driver of economic growth in Nigeria than petroleum, considering the potential of steel to turn around the nation’s economy and to attract the much needed foreign exchange for the country.