The Senate has criticized the management of the Nigeria Social Insurance Trust Fund (NSITF) over an alleged embezzlement of N84bn within the period of four years. This was stated by the Chairman of Senate Public Accounts Committee, Matthew Urhoghide on Monday while scrutinizing the 2017 report of the Auditor General of the Federation.
Urhoghide said, “Twelve out the 50 queries investigated so far by the committee in excess of N84bn was misappropriated, just unfortunate, in the place of four years.
“They depleted our resources, just a few human beings who are mindless.
“They are all guilty; they are implicated. The agency is most defiant and most notorious.”
One of the queries reads, “Audit observed that the Fund had been implementing a salary structure that is not approved by the National Salaries, Income and Wages Commission.
“As a result, irregular payment of N 38,219,919,530.32 by way of personnel cost was made to the staff of the Fund from 2012 to 2017.
“Implementation of unapproved salary structure may result in wastage of public funds, as remuneration may be higher than the productivity level of staff.
“The managing director is required to provide the approval of the National Salaries, Income and Wages Commission for the implementation of the fund’s salaries structure.”
The Managing Director of the NSTIF, Dr. Michael Akabogu, claimed that the amount allegedly misused was approved through a letter dated 4th July, 2019. Meanwhile, when the Committee looked at the letter from National Salaries, Incomes and Wages Commission on the alleged illegal salary at the commission, it was observed the letter was written five years after the commission started paying the salaries.