The Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria, CIFCFIN, has called on the federal government to put in place, Performance Forensics Audit (PFA), to avert the annual loss of 15 per cent of the federal government’s total revenue. He said a robust performance forensic auditing process will block the leakages.
President of CIFCFIN, Dr. Iliyasu B. Gashinbaki, stated this during the institute’s 5th Direct Membership Graduation and Award of Fellowship Ceremony in Abuja. He advised the federal government to quickly adopt a policy of Continuous Performance Forensics Audit Review if it must achieve its Economic Agenda of $1 Trillion GDP Projection by 2026.
He noted that the Performance Forensics Audit Review is very imperative for Nigeria in order to help curtail and ultimately eliminate financial wastage by the federal, state and local governments.
According to him, the forensic audit will involve a comprehensive examination of functions, processes and systems within government that includes value for money, public procurement and a review of system performances.
He expressed confidence in the administration of President Bola Ahmed Tinubu, adding that the president will do what is needed to improve the federal government’s audit system considering the seriousness he has shown so far with his economic reform agenda.
Gashinbaki commended President Tinubu for setting clear deliverables and for introducing Key Performance Indicators (KPIs) to monitor the performance of all ministers and their ministries. He however, advised the President to expand and extend the same approach to monitor the Directors General/CEOs of all government departments and agencies as that would deepen accountability and foster performance in the public sector.
He cautioned against a situation where a government organisation such as the NNPC operated for 43years without having its financial accounts audited, noting that such could not have happened if an effective Performance Forensics Audit was in place. “To forestall a reoccurrence of that ugly development in future, the federal government should put in place an independent oversight mechanism that should include forensic experts from the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN), alongside other members of NGOs and CSOs in the country.”
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