About 558 Ministries, Departments, and Agencies (MDAs) of the Federal Government yesterday failed to show proof of about N969 billion Intangible Assets captured in their 2019 budget.
This revelation is contained in the 2019 Annual Report of Auditor-General (AuGF) of the Federation being considered by the Senate Public Accounts Committee (SPAC).
Members of the panel at a meeting chaired by the Vice Chairman of the Committee, Senator Ibrahim Hassan Hadeija, in Abuja, yesterday, expressed concern about the huge sum simply categorised as Intangible Assets in the 2019 budget as captured in the Auditor-General of the Federation’s report.
The report reads: “Audit observed from a review of notes 36 and 36A (Intangible Asset) to the FGN’s Consolidated Financial Statement (CFS) that the sum of N969billion was categorized under Notes 36A as Intangible Assets without a schedule showing the classification/nature of the intangible assets contrary to the provision of IPSAS (International Public Sector Accounting Standard) 31.
“There was no disclosure to enable the audit to confirm which of the Intangible Assets has finite and infinite life, and bad for a determination whether amortisation should be or not.”
