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Senate Asks INEC, Nigerian Army, Others To Repay N76bn Loans

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The Senate has asked the Office of the Accountant General of the Federation to recover the N76bn loans given to some federal agencies and pay them back to the Special Funds Accounts.

The Senate also warned the Accountant General, Idris Ahmed, against future withdrawals from the account without approval of the National Assembly.

The decision was made after the consideration of the report of its Public Accounts Committee on the 2015 report of the Auditor General for the Federation.

Some of the beneficiaries of the loans are Independent National Electoral Commission, the Nigerian Army, Office of National Security Adviser and others.

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Senator Matthew Urhoghide disclosed that the amount taken as loans from the special account to the federal agencies had been since January, 2015.

The report disclosed that the funds were withdrawn from the 25% Husked Rice Levy, 1% Comprehension Import Supervision Scheme’s pool levy, 15% Wheat Grain Levy and 10% Rice Levy, but they were not repaid.

The Audit Report which Special-Purpose Acquisition Companies (SPAC) worked on explained that N922.4m was withdrawn from 25% Husked Brown Rice Levy as Loan while N7bn was also collected from the 1% Comprehensive Import Supervision Scheme (CISS) levy as loan.

It added that N10bn was given to INEC as loan to finance the 2015 general elections.

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