Serious concerns have emerged regarding the financial management of the Federal Ministry of Finance, Budget and National Planning, following revelations that approximately ₦142 million in cash advances were left unretired and improperly documented. This discovery, which pertains to the 2021 fiscal year, highlights significant gaps in oversight during the tenure of Zainab Ahmed, who served as the Minister at the time.
A comprehensive audit of the ministry’s financial records revealed that a total of ₦141,971,777.00 had neither been entered into the official advances ledger nor accounted for as required by law. This lapse constitutes a direct violation of Financial Regulations 1405 and 1420(i), which mandate strict documentation and timely retirement of public funds disbursed for official assignments. Investigators noted a systemic failure in internal controls, pointing to a pattern where staff members were permitted to collect subsequent cash advances without having cleared previous obligations.
The implications of these unretired funds are substantial for a ministry tasked with safeguarding the nation’s fiscal health. Beyond the risk of diversion or misappropriation of public resources, the failure to account for these funds complicates the government’s budget implementation process. When money allocated for specific official purposes remains in private accounts, it creates an environment ripe for financial irregularities, effectively leaving public coffers vulnerable.
In response to the audit findings, the ministry’s management stated that corrective measures are currently being implemented. Internal Audit has reportedly suspended the issuance of any new advances until the existing backlog is fully resolved. Furthermore, management confirmed that a designated officer has been tasked with ensuring the immediate retirement of outstanding balances.
Official records suggest that as of the last update, approximately ₦90 million—representing over 60 percent of the total sum—has been recovered, with supporting vouchers provided for verification. Additionally, formal warnings and reminders have been issued to the concerned staff members to expedite the settlement of the remaining debt.
Despite these remedial actions, the incident has reignited public debate regarding transparency and accountability within Nigeria’s federal ministries. Critics argue that relying on external reviews to identify such lapses suggests a breakdown in routine monitoring. For many Nigerians, this case serves as a troubling example of how public funds can bypass established procedural safeguards, emphasizing the urgent need for more robust, consistent, and proactive financial oversight to prevent the recurring loss of state resources.
Source: NaijaProbe