Theft, mismanagement of funds must stop – Tambuwal
The Speaker of the House of Representatives, Aminu Tambuwal, on Monday said current financial management agencies of government are inefficient and ineffective thereby responsible for billions of naira being stolen from public coffers over the years.
According to him, the era of financial impunity is about to end with the establishment of the Nigerian Financial Intelligence Agency, the organ that would be fully backed by fool-proof legislations.
Speaking at a public hearing organized by the House Committee on Drugs, Narcotic and Financial Crimes on the Nigeria Financial Intelligence Agency Bill, on Monday Tambuwal said the bill “will no doubt help in rectifying the deficiencies in the country’s financial system, especially the sheer number of loopholes that make it possible for people to perpetrate massive fraud and go unpunished.”
He further stated: “The House of Representatives is therefore fully in support of the effort to evolve an efficient and effective management, administration and operation of the Nigerian Financial Intelligence Agency for the purpose of generating and analysing financial intelligence.
“The Bill equally seeks to institutionalize the application of best practices in financial intelligence management in Nigeria. We have all seen the consequences of the reckless and cavalier manner that public officials and civil servants manage public funds.
“Today, billions of naira go missing in this country every year as a result of mismanagement and outright theft of money belonging to the commonwealth.
“We believe that this level of financial impunity is possible because of dubious accounting procedures and the lack of a specialized agency that able to get facts and details of this intricate web of corrupt practices and ensure that the perpetrators are successfully prosecuted.
“We want to move our nation from the prevailing system whereby only a select few is privy to the complex way that money gets moved around in this country and so they could hide under the shadows and perpetrate all kinds of scam.”