The Senate revealed a startling revelation on Monday: the Board of Directors of the Nigerian Security Printing and Minting Company Plc allegedly increased staff salaries by ₦14 billion without approval from the National Salaries, Incomes, and Wages Commission. During a session in Abuja, Senator Ahmed Wadada, Chairman of the Senate Public Accounts Committee, exposed this revelation, citing the 2019 report of the Auditor-General of the Federation.
The report disclosed that between 2016 and 2019, the NSPMC’s Board sanctioned the hefty sum for salaries and allowances without the necessary regulatory approval. Despite initial claims that the company, registered under the Companies and Allied Matters Act, didn’t require approval, the Managing Director, Ahmed Halilu, admitted the error before the Senate Committee on Public Accounts.
Members of the committee expressed their dismay, emphasizing that public funds were spent without due process. Senator Nwebonyi Onyeka insisted that the misappropriated funds should be promptly refunded. The incident has sparked concerns about financial accountability and adherence to regulatory guidelines. #GovernmentOversight #FinancialAccountability
