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Senate panel queries FRC over N258m extra budgetary spending

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Financial Reporting Council (FRC) has been queried over extra-budgetary expenditure to the tune of N258 million on personnel cost in the agency’s 2017 approved budget

A Senate committee chaired by Mathew Urhoghide issued the query based on 2018 audited report which is being scrutinised by the National Assembly. The panel said it observed that the council incurred N339,834,586.00 as against N81,245,107.00 contained in the 2017 approved budget.

“This resulted in an extra budgetary expenditure of N258,589,479.00 on personnel cost. This non-compliance with the Appropriation Act was due to the failure of the Executive Secretary of FRC, Daniel Asapokhai, to seek approval for supplementary budget from the appropriate authorities, that is,
the Ministry of Finance and National Assembly.”

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But Asapokhai, in his response, said: “For 2017, the sum of N81million was appropriated as government’s subvention for personnel cost for the council. The amount in question was to augment the council’s personnel cost for the fiscal year in question.

“The council customarily prepares its budget at the beginning of every year, detailing both internally generated revenue and government subvention. This is usually sent for approval before implementation.

“The council has an approved salary structure which it pays from the internally generated revenue. The amount referenced by the auditors as over expenditure not approved was staff salary funded via internal revenue which was contained in the approved budget.’”

When the committee asked the executive secretary to present approval for the N258 million extra-budgetary spending by the National Assembly, he promised to send the document backing the expenditure to the lawmakers.

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In this article:
FRCMathew Urhoghide
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