Many Universities Under EFCC’s Investigation, Says NUC Boss

Share this:

Many Universities Under EFCC’s Investigation, Says NUC Boss

Alexandra Umeh, ABUJA, Nigeria (GVE) – The Executive Secretary, National Universities Commission (NUC), Professor Abubakar Rasheed has revealed that many Nigerian universities are currently been probed by the Economic and Financial Crime Commission (EFCC) over misuse of public funds.

Professor Abubakar Rasheed

Rasheed made this known in Abuja during a meeting with the Federal Universities Bursars.

He criticized the fact that some Vice Chancellors receive as much as N5.77 million as furniture allowance while some others live above their means in terms of salary and allowances.

He said, “Some receive above a million while others receive less. This shows large disparity in salary scale in the university system. Many universities allow Vice Chancellors to collect between N400, 000 to N480,000 monthly under the name of furniture allowance.

Government will not give N5. 77 million and still pay it annually as furniture allowances. That is why when EFCC comes, the bursars and the VCs are easy targets.”

He said the essence of the meeting is to cooperate with the commission to intervene on several challenges facing the Nigerian university system.

“The significant of the meeting is to foster close collaboration with the NUC as a regulator and the Nigerian Universities System (NUS) in areas of implementing government accounting policies, applications of extant Federal Circulars, budget preparation / collation, conversation to International Public Sector Accounting Standards (IPSAS), adoption common accounting and reporting platform.

“The commission has interest in the operations of the Federal Universities and inter-university centres, especially in the area of resource management and reporting.

He noted that the new Economic Recovery and Growth Plan (ERGP) of the Federal Government should be of interest to the Federal Universities and bursars. He urged them to adhere to the presidential orders and ensure the application of extant Federal circulars cannot be over emphasized, adding that it provides the basis for the audit of universities accounts.

Rasheed said that the budget preparation / collation, conversion to IPSAS buildup basis and the need to adopt a common accounting and reporting platform are all current matters that the bursars should address for the benefit of the universities and the nation at large.

Share this:

One thought on “Many Universities Under EFCC’s Investigation, Says NUC Boss

Comments are closed.