Naijaonpoint
Like a ledger with pages torn from its binding, the financial records of the Federal College of Education, Okene, have raised concerns over the documentation of public expenditure and compliance with procurement procedures during the 2022 financial year.
The Federal College of Education, Okene, which trains teachers for Kogi State and other parts of the country, recorded ₦112,900,028.61 in financial irregularities across two findings contained in a review of its 2022 accounts.
The first finding involved ₦59,070,287.00 in paid vouchers and contract records that were not presented for examination when requested. The absence of the documents meant the expenditure could not be subjected to the required examination of the relevant payment and contract records. The Financial Regulations 2009 require payment vouchers and related financial records to be properly maintained and made available for examination, making the failure to produce the documents a breach of the applicable financial record-keeping requirements.
Moreso, the ₦59.07 million documentation gap places responsibility on the college’s management during the period covered by the examination to account for the whereabouts and availability of the relevant payment vouchers and contract records, while the institution’s current leadership is responsible for addressing any outstanding records and ensuring that financial documentation is properly maintained.
Similarly, a separate ₦53,830,741.61 was linked to contracts processed without compliance with the required procurement procedures. The finding indicates that the contracts did not pass through the competitive bidding and approval safeguards prescribed under the law.
The Public Procurement Act 2007 requires procuring entities to follow prescribed procurement procedures in the award of public contracts, including the applicable processes for competition, evaluation and approval. The ₦53.83 million finding, therefore, is non-compliant with the procurement due-process requirements established by the Act.
Source: …Secretsreporters