Nigeria Newspaper

N2.5 trillion is lost yearly in the national budget to public sector fraud says forensic body

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N2.5 trillion is lost yearly in the national budget to public sector fraud and corruption. The Society for Forensic Accountants and Fraud Prevention (SFAFP) has said

SFAFP Chairman Iliyasu Gashinbaki was speaking at the nation at a virtual induction of 192 associates at the weekend said the continent was losing about 25 per cent of annual budgets to these notorious schemes.

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Chairman Iliyasu Gashinbaki  has promised that the society would give an assistance in plugging the leakages.

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10 most common schemes by which public officers bled the country as unlawful use of public assets for private advances was listed by ‘SFAFP’ as; underpayment of taxes and duties on export as well as import.

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Others, it said, were fraud and embezzlement; payment of salary to ghost workers; bribery and extortion; payment for air supply (goods or services not provided or rendered); over and under-invoicing; fraudulent court awards of financial compensations above damage suffered.

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The society, he said, would provide technical support for the public and private sectors.

He said the leakage was not peculiar to Nigeria, as it affects other African countries.

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“Recent studies have shown that most African governments struggle with the huge debt burden, in addition to huge loss of revenue due to fraud and corruption consistently draining its little resources.

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