The House of Representatives has taken a decisive step in tackling corruption by announcing its plans to investigate the administration of public revenues and expenditures of the West African Examination Council (WAEC) from 2018 to 2023.
The resolution was passed following the adoption of a motion sponsored by Hon. Amobi Ogah, who emphasized the need to ensure the proper utilization of public funds allocated to WAEC, which is fully funded from the Federation Account.
In his lead debate, Hon. Ogah highlighted the constitutional power of the House as stated in Section 80(4) of the 1999 Constitution (as amended), which stipulates that “no monies shall be withdrawn from the Consolidated Revenue Fund or any other public fund of the Federation, except in the manner prescribed by the National Assembly.” Therefore, all funds received by WAEC as examination fees from candidates for registration are considered public funds.
The House observed that WAEC, in addition to its statutory allocation, obtained a credit facility of N5 billion from First Bank Limited in 2022. Although the credit facility was repaid within the same year, there was no full disclosure of the loan’s purpose in WAEC’s financial statement.
Furthermore, the House expressed concern about WAEC’s investment in Megatons W.A. Limited, a company engaged in printing security and confidential documents. As of January 12, 2019, WAEC had invested 2,974,510,000 units of shares worth N1,45,000,000 in the company. However, the company went into liquidation, resulting in provisions for impairment of the investment in line with International Financial Reporting Standards (IFRS 9). A significant loss of N899,375,000, representing 60% of the total investment, was incurred, raising questions about the initial investment decision.
Additionally, the House highlighted the significant difference between WAEC’s proposed expenditure for the year 2024, which is N42.9 billion, and its projected internally generated revenue (IGR) of N32 billion. This disparity necessitates a thorough appropriation and scrutiny of WAEC’s IGR by the National Assembly to prevent further wastage of public funds and ensure accountability and prudent financial management.
In light of these concerns, the House mandated its Committee on Basic Education Examination Bodies to oversee the appropriation and approval of WAEC’s year 2024 IGR. The Committee on Basic Examination Bodies was also tasked with investigating the annual IGR collected by WAEC from 2018 to 2024 and examining the financial books/records and statements of the Council from 2018 to 2023 to ensure compliance with existing laws governing the administration of public funds. The committee has been given four weeks to report its findings for further legislative action.