The House of Representatives Committee on Public Account has reported significant mismanagement and financial regulation breaches in the disbursement and utilization of the N1.32 trillion COVID-19 fund. The committee, led by Chairman Bamidele Salam (PDP, Osun), presented the findings to the House, revealing that several government agencies and private organizations misused the funds for unrelated purposes, including private airlines that diverted the money for their operations.
Covering the period from 2020 to 2022, the report is the first volume of an extensive investigation. It detailed the involvement of 92 Ministries, Departments, and Agencies (MDAs) that were summoned following allegations of fund mismanagement raised in a motion adopted by the House on October 17 of the previous year. The committee's report indicated widespread non-compliance with procurement laws and financial regulations among both public and private beneficiaries.
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Records from the Office of the Accountant-General of the Federation highlighted that the fund comprised N1.32 trillion in inflows, including a $3.4 billion (N1.28 trillion) grant from the International Monetary Fund (IMF) and N34.4 billion from Federal Government intervention. Additional contributions included N6.09 billion in general donations, N48.12 million from the China General Chamber of Commerce, and contributions from the Nigeria Content Development and Monitoring Board and Remita E-payment platform.
The investigation faced numerous challenges, including non-appearance, delayed responses, and incomplete document submissions from several MDAs. The Central Bank of Nigeria (CBN) was notably slow in providing necessary information, and many beneficiary entities failed to present required procurement certificates. The committee found multiple instances of unjustifiable procurement delays, with funds released between 2020 and 2021 still unutilized. The report underscores a pervasive misuse of the COVID-19 intervention funds, emphasizing the need for accountability and stricter adherence to financial regulations.
