By Secrets Reporters
Public funds are governed by rules that prescribe how they should be spent, accounted for, and recovered when irregularities occur. At the National Open University of Nigeria (NOUN), Abuja, documents obtained by SecretsReporters have identified ₦96,365,213.93 in financial irregularities across two findings for the 2023 financial year, during the tenure of Vice-Chancellor Professor Olufemi Ayinde Peters.
It was discovered that ₦90,957,355.85 was spent on capital projects outside the university’s approved budget, alongside ₦5,407,858.08 paid to staff as irregular allowances.
According to the documents, the ₦90,957,355.85 spent outside the approved budget contravened Section 80(4) of the 1999 Constitution of the Federal Republic of Nigeria, which regulates the withdrawal of public funds in accordance with procedures prescribed by law.
Additionally, Paragraphs 3106 and 3115 of the Financial Regulations 2009 were cited in connection with the findings. The provisions address irregular payments and failure to account for public funds, respectively, establishing the regulatory framework referenced in the documents concerning the expenditure.
Moreso ₦5,407,858.08 was paid to staff as irregular allowances, in violation of Paragraphs 3106 and 3115 of the Financial Regulations 2009 in relation to the payments and the requirement to account for public funds.
In a recomendation to the institution, Professor Peters was directed to account for each amount before the Public Accounts Committee of the National Assembly.
Furthermore, the recommendations called for the recovery and remittance of the identified amounts to the Treasury, with evidence of the remittances to be forwarded to the appropriate authorities.
