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Nigerian Senate Demands Audited Report Of Government Agencies And Institutions

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Nigerian Senate Demands Audited Report Of Government Agencies And Institutions

The Nigerian Senate has decided to get tough on the issue of audited reports which many government agencies and institutions have not submitted in years. The senate says the ones it received this year were actually for 2016.

The Senate says most of the ministries, agencies, and parastatals have contravened section 85 of the 1999 constitution by not submitting their audited accounts. Some of the backlog is reported to go as far back as a quarter of a century.

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The office of the Auditor General has been given a two-week ultimatum to get the audited reports of the State House, the Secretary to the Government of the Federation, the Economic and Financial Crimes Commission, EFCC, the Central Bank of Nigeria, the Nigerian Ports Authority, and so many others.

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The Auditor General has also been mandated to carry out a holistic auditing of the accounts of the Nigerian National Petroleum Corporation, NNPC, for the past five years.

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African News

Zimbabwe Central Bank Abandons Quasi Dollar

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Zimbabwe Central Bank Abandons Quasi Dollar

Zimbabwe Central Bank has abandoned the quasi dollar it introduced in 2016.  The peg of one Zimbabwe dollar to one US dollar has not worked as the black market rate has been in the range of three and a half to four Zimbabwe dollars to one U.S. dollar.

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Economists say this move could lead to jitters in countries that hold the peg, including Saudi Arabia and Hong Kong.

Zimbabwe has long been dealing with currency instability that in 2009, it introduced the US dollar, euro, and the South African rand as legal tenders it thought would stem the wild round of hyper-inflation.

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Business News

FIRS Directs Banks To Lift Liens Placed On Tax Defaulters’ Accounts

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FIRS Directs Banks To Lift Liens Placed On Tax Defaulters' Accounts

The Federal Inland Revenue Service (FIRS) has directed banks to lift for 30 days the liens placed on bank accounts of alleged tax defaulters.

FIRS explained that it took the step because large numbers of defaulting taxpayers have besieged its offices in than effort to regularise their tax positions.

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In September, FIRS Boss Babatunde fowler had said the service was going after six thousand defaulters whose bank accounts would be frozen until they pay up.

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KPMG, one of the big four auditors in the world, had accused FIRS of going draconian by directing banks to freeze accounts of suspected tax defaulters.

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African News

Total Discovers Gas Off Southern Coast of South Africa

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Total Discovers Gas Off Southern Coast of South Africa

Patrick Pouyanne, CEO of French energy giant, Total, says his company has made a significant discovery of gas, off the southern coast of South Africa.

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Total says potential quantities could be around one billion barrels of global resources, gas and condensate light oil. The country currently imports fuel from Mozambique.

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South Africa’s Mineral Resources Minister, Gwede Mantashe, says the discovery was a potentially major boost for the economy.

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