The Nigeria Social Insurance Trust Fund has misappropriated about N84bn within four years, the Nigerian Senate has alleged.
The Chairman, Senate Public Accounts Committee, Matthew Urhoghide, who disclosed this on Monday, described the agency as a cesspool of corruption.
He stated, “Just a few mindless persons depleted our resources,” noting that the revelation came from 12 out 50 queries investigated so far by the committee.
According to him, it is unfortunate that the management and board of NSITF colluded between 2012 and 2017 to carry out the alleged graft.
“They are all guilty. They are implicated. They stole the place dry. The agency is most defiant and most notorious,” he said.
One of the queries read, “Audit observed that the fund had been implementing a salary structure that is not approved by the National Salaries, Income and Wages Commission. As a result, irregular payment of N38,219,919,530.32 by way of personnel cost was made to the staff of the fund from 2012 to 2017.
“Implementation of unapproved salary structure may result in wastage of public funds, as remuneration may be higher than the productivity level of staff. The Managing Director is required to provide the approval of the National Salaries, Income and Wages Commission for the implementation of the fund’s salaries structure.”
