Reps WAEC Revenue
The House of Representatives has mandated an investigation into WAEC’s Internally Generated Revenue from 2018 to 2023, following a motion highlighting financial irregularities.
EKO HOT BLOG reports that the House of Representatives on Tuesday mandated its Committee on Basic Education to investigate the Internally Generated Revenue (IGR) of the West African Examination Council (WAEC) from 2018 to 2023.
This resolution followed a motion brought to the floor by Mr. Amobi Ogah, who represents the Isiuakwato/Umunneochi Federal Constituency of Abia State.
During the debate, Ogah noted that WAEC is fully treasury-funded from the Federation Account. Citing Section 80(4) of the 1999 Constitution (as amended), he stated, “No funds shall be withdrawn from the Consolidated Revenue Fund or any other public fund of the Federation, except in the manner prescribed by the National Assembly.” He emphasized that all examination fees collected from candidates are considered public funds.
Ogah also pointed out that in addition to its statutory allocation, WAEC obtained a credit facility of N5bn from First Bank Plc in 2022. Although this loan was repaid within the same year, there was no full disclosure regarding the loan’s purpose in WAEC’s financial statements.
He added that the National Assembly has the power, under Section 89(1)(c) of the 1999 Constitution, to summon any person in Nigeria to provide evidence or produce documents.
According to him, the examination body, as of January 12, 2019, “has an investment of 2,974,510,000 units of shares worth N1,45,000,000 in Megatons W.A. Limited, a company that engages in the business of printing security and confidential documents.
Reps WAEC Revenue
“An additional investment of N32.25m was made in the same year, bringing the total value of the investment to N1,49bn as of 31 December, 2019.
“However, the company suddenly went into the liquidation process, and lots of provisions were made for impairment of the investment in line with Internal Financial Reporting Standards (IFRS 9)
“The House is aware that N4.90bn provisions for impairment were made on the total investment, and it represented 60 per cent of the total investment. This is a huge loss that calls for questions as to why a proper investment decision was not made ab initio.
“The House is aware that WAEC proposed expenditure for the year 2024 is N42.9bn whereas its IGR projection is N32bn.”
The lawmaker called on the House to properly scrutinise WAEC’s IGR, its past financial statements and debt collected from state governments “to avoid further wastage of public funds and contradict accountability and prudence stewardship.”
Consequently, the House resolved to subject the examination body’s 2024 IGR for appropriation and approval.
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