The Senate committee on public accounts has revealed that 85 government parastatals have failed to submit their audited accounts to the Auditor-General of the Federation since the time of their establishment.
The parastatals include the Economic and Financial Crimes Commission (EFCC), Bank of Industry, Bank of Agriculture and the Transmission Company of Nigeria.
The Chairman of the committee, Matthew Uroghide (Edo-PDP) said the 85 parastatals have never submitted reports of their audit to the Auditor General of the Federation since they were created.
For other parastatals, he said 235 have about one to two years arrears, 103 have three to five years arrears, 17 have six to 10 years arrears while four have arrears of 11 years and above.
He said the practice contravened the provisions of section 85 (3) of the constitution which vested the powers to audit the public accounts, offices and courts of the federation with the Auditor-General of the Federation.
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