NIGERIA’S PUBLIC ACCOUNTS: The Curse Of Mismanagement Of Funds

[Shola Sholaz]

Last week would not be the first time that the Public Accounts Committee, PAC, of the Senate would unearth massive reckless spending on the part of the executive arm of government.  Since 2001, that committee of the Senate had always investigated and reported that huge sums of money were being frittered away.
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The funds, in trillions, were recklessly mismanaged by the Olusegun Obasanjo, Umaru Musa Yar'Adua and the incumbent Goodluck Jonathan administrations.  This report chronicles the massive mismanagement of funds since 1999 as captured by the Senate and concludes that, on account of this, Nigeria's moment of development may still be light years away.
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As part of the plot, there had to be power outage. Therefore, the Senate Chambers that morning was thrown into darkness.  That was part of the strategy. It was June 18, 2002, a Tuesday, when the Senate attempted to do the right thing.
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Its Public Accounts Committee, PAC, headed by Senator Idris Abubakar, had compiled a list of fractions by Matthew Okikiolakan Aremu Olusegun Obasanjo, then President and Commander-in-Chief.  These infractions bordered on alleged mismanagement of state funds. The nation had hoped that the Senate would be ruthlessly decisive but that curious power outage that morning set the engagement back.