Editorial

OIL REVENUE AUDIT REPORT IS AN EYE OPENER

Some firms mentioned in the report of the Auditor General on the account of two and three share of net oil revenue of the oil producing states and communities are crying foul and pointing fingers back to the author of the report. One thing they should know is that the author does not cook the figures or information. That office collect and record facts on the ground. If there is any misinformation then it could be that the same has not been properly cleaned to give it what is known in the financial world as “clean bill of health”. The firms crying should face the reality because if in one’s conscious nothing wrong has been done it cannot haunt you to an extent that you find it impossible to concentrate on daily activities. The saying that where there is smoke there is fire should not escape the attention of the authorities. Of course there is no one who would accept wrong-doing but financial discipline requires admission of liability for corrective measures to be put in place. Such admission makes it possible and reduces the burden of searching for the truth where figures are concerned. It is high time internal and external audit findings be extended in all public institutions to put on toe those who would be thinking of milking the cow even when the tits have gone dry. The audit of March 20 has indeed sent shock waves to those firms mentioned as being involved in unclear financial dealings and transactions. For robust growth of the economy, auditing should not end up with public institutions alone, the action should include even private sector players since most of them deal with government institutions in many and different ways. The audit should be done regularly and without zeal to keep the firms on the move

error: Content is protected !!