The House of Representatives Committee on Public Accounts has asked the Office of the Accountant-General of the Federation to forward the financial statement on the utilisation of the N2.2tn revenue accruing from foreign and domestic debts raised by Debt Management Office.
Chairman of the committee, Oluwole Oke, made the request based on a query issued against the DMO for the 2018 financial year.
Oke said apart from details of the utilisation of the fund, the committee also wanted to know the reason it reflected in the DMO’s financial statement.
The Director General of DMO, Patience Oniha, while confirming that the sum of N2.2tn accrued as interest (cost) from the loans secured by the office for the Federal Government, stated that only the sum of N721m was allocated to DMO.
On the non-rendition of the audited accounts, Oniha, who was represented by the Director of Finance and Accounts, DMO, Mrs Feyi Olumide-Akinyemi, also said the office’s audited account had been submitted to the Minister of Finance, Budget and National Planning, Zainab Ahmed, for approval.
The DMO boss stated that nothing was released to the office for capital expenditure in 2018, but fund was later released in 2019.
Oniha said in the year under review, the DMO received 89.74 per cent of the sum for personnel cost, which was released through the Office of the Accountant General of the Federation, while the remaining amount was mopped up automatically.