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Representatives orders probe into WAEC’s financial records

The House of Representatives has mandated its Committee on Basic Examination Bodies to investigate the annual Internally Generated Revenue (IGR) collected by the West African Examination Council (WAEC) from 2018 to 2024.

This decision follows the adoption of a motion titled, “Need to Investigate Administration of Public Revenues and Expenditures of the West African Examination Council from 2018 to 2023,” sponsored by Hon. Amobi Godwin Ogah.

The committee will scrutinize WAEC’s financial books, records, and statements for the specified period to ensure compliance with laws governing public fund administration. They are to report their findings within four weeks for further legislative action.

Additionally, the committee is instructed to ensure WAEC subjects its 2024 IGR to appropriation and approval.

The House emphasized that WAEC is fully Treasury funded from the Federation Account and that all examination fees collected from candidates are considered public funds.

This follows Section 80(4) of the Nigerian Constitution, which mandates that no money shall be withdrawn from public funds without National Assembly authorization.

Concerns were raised regarding WAEC’s financial activities, including a N5 billion credit facility obtained from First Bank Limited in 2022, repaid within the year but lacking full disclosure in financial statements.

Moreover, as of January 12, 2019, WAEC had invested N1.45 billion in Megatons W.A. Limited, a company now in liquidation.

Additional investments increased this to N1.487 billion by the end of 2019. The liquidation resulted in significant financial impairment, with N899 million provisions made, representing 60% of the total investment.

The House also noted WAEC’s proposed expenditure for 2024 at N42.9 billion, with an IGR projection of N32 billion. This calls for thorough scrutiny of WAEC’s IGR and past financial activities to prevent future wastage of public funds.

This investigation highlights the House’s commitment to financial transparency and accountability in public institutions, aiming to safeguard public funds and ensure proper administration of educational resources.

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