Benue panel uncovers N139.8bn missing public funds

A commission of inquiry in Nigeria's Benue State has uncovered a staggering N139.8 billion in unaccounted public funds during an eight-year period. The findings, presented to Governor Hyacinth Alia, detail significant lapses in financial management between May 2015 and May 2023.

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The commission’s findings, contained in two volumes, revealed significant concerns in the management of public finances during the period under review.

The commission, chaired by retired Justice Jubril Idrisu, revealed that while the state generated over N826.5 billion in revenue, expenditures amounted to approximately N683.4 billion, leaving a substantial deficit. The report also flagged questionable loan transactions by local government councils, where repayments far exceeded original amounts without proper documentation. Irregular transfers of public funds to financial institutions lacking sufficient records were also identified.

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Records showed that the state generated over N826.5 billion in revenue, while expenditure stood at about N683.4 billion, leaving an unaccounted balance of approximately N139.8 billion.

Justice Idrisu emphasized the need for enhanced financial controls, including the authorization of online transactions and an end to blank pre-signed mandates, to curb mismanagement. Governor Alia, represented by his deputy, Dr. Sam Ode, vowed to implement the commission's recommendations. He praised the panel's work and expressed confidence that its findings would bolster institutional strength, prevent resource misuse, and ensure accountability for those found culpable.

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The commission recommended that the unaccounted balance of approximately N139.8 billion should be recovered from persons found responsible.