Edward Akol, the Assistant Auditor General in charge of Audits noted that the Fund did not allocate to members’ individual accounts a sum of 38.21 billion Shillings in 2020, 45 billion in 2021 and 57 billion in 2022. Akol attributed this to incomplete errors in the members’ records.
During the financial year under review, Parliament approved a national budget totaling 45.4 trillion and this was later revised to 51.6 trillion Shillings through supplementary budget allocations.
Now, according to the audit report, 36 projects failed to absord funds availed to them for implementation of activities and as a result, a total of 431 billion Shillings and US Dollars 30.2 million (105.5 billion Shillings) remains on project accounts.
According to the report, 17 loan request proposals authorizing government to borrow were approved. These were tabled by government through the Ministry of Finance, Planning and Economic Development and considered by the House National Economy Committee.
Lawrence Bategeka, the National Economy Committee Vice Chairperson told URN that all approved loans requests were important and majorly meant to finance the National Budget especially due to inadequate revenue collection.
Dickens Turyahabwe, of Dickson Associate certified Accountants, who carried out the Audit said that the missing of the financial records had caused a difference in the accounts worth Shs, 867m that was treated as an expense causing a 79% decline in profit after Tax.
According to the law, Accounting Officers are required to transfer all collected revenue to the Consolidated Fund and only spend at source after securing permission from the Secretary to the Treasury.
