Reps to probe WAEC income, expenditures

The House of Representatives, on Tuesday, mandated its Committee on Basic Education to analyze the Internally Generated Revenue of the West African Examination Council from 2018 to 2023.

The House arrived on the decision after contemplating a movement introduced on the ground of the House throughout Tuesday’s plenary by the member representing Isiuakwato/Umunneochi Federal Constituency of Abia State, Mr Amobi Ogah.

Amobi, whereas main the controversy, famous that

WAEC native is totally treasury-funded from the Federation Account.

Relying on Section 80(4) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), Ogah argued that “No funds shall be withdrawn from the Consolidated Revenue Fund or any other public fund of the Federation, except in the manner prescribed by the National Assembly,” including that “All funds received as examination fees from candidates for registration are considered public funds.”

The lawmaker additionally noticed that WAEC along with its statutory allocation, “Obtained a credit facility of N5bn from First Bank Plc in 2022, though repaid the credit facility within the same year, but there was no full disclosure as to the purpose of the loan in its financial statement.”

He added that the National Assembly, by advantage of Section 89(1)(c) of the 1999 Constitution, has the ability to summon any individual in Nigeria to present proof at anyplace or produce any doc or different factor in his possession or beneath his management.

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According to him, the examination physique, as of January 12, 2019, “has an funding of two,974,510,000 models of shares price N1,45,000,000 in Megatons W.A. Limited, an organization that engages within the enterprise of printing safety and confidential paperwork.

“An extra funding of N32.25m was made in the identical yr, bringing the overall worth of the funding to N1,49bn as of 31 December, 2019.

“However, the corporate instantly went into the liquidation course of, and many provisions have been made for impairment of the funding in keeping with Internal Financial Reporting Standards (IFRS 9)

“The House is conscious that N4.90bn provisions for impairment have been made on the overall funding, and it represented 60 per cent of the overall funding. This is a large loss that requires questions as to why a correct funding resolution was not made ab initio.

“The House is aware that WAEC proposed expenditure for the year 2024 is N42.9bn whereas its IGR projection is N32bn.”

The lawmaker referred to as on the  House to correctly scrutinise WAEC’s IGR, its previous monetary statements and debt collected from state governments “to avoid further wastage of public funds and contradict accountability and prudence stewardship.”

Consequently, the House resolved to topic the examination physique’s 2024 IGR for appropriation and approval.



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