Monday, December 14, 2015
Federal Government Orders Special Audit Of WAEC,NECO
According to a source, President Buhari gave his nod to the auditing following reports of irregularities in the books of the examination bodies.
It was revealed that in 2014, WAEC’s salary/overhead capital from the Federal Government of Nigeria was N4.8 billion representing 100 per cent funding by the government.
As a matter, auditors have been assigned to these examination bodies to examine their transactions, with a view to making them remit more to the CRF and to boost the government’s revenue base outside crude oil sales.
For WAEC, the examination body’s Internally Generated Revenue (IGR) from fees made from public sale of forms and other examination materials was put at N16.6 billion from the 2014 accounts.
For National Examinations Council (NECO), which in 2014 received N4.9 billion, representing 100 percent funding of its activities. The same year, NECO was said to have generated N11.7 billion, but “the same story all over again, with almost all the money spent and just N6.9 million remitted to the CRF”.
What triggered the government’s interest in the financial activities of WAEC was that “all its IGR was spent on examination costs with very high charges for printing, travelling etc, resulting in lots of waste. Just N25 million was paid into the Consolidated Revenue Fund (CRF),” the source said.