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WAEC: Reps to probe WAEC revenue, expenditures(2024)

House of Representatives to probe WAEC revenue, expenditures

House of Representatives
House of Representatives

On Tuesday, the House of Representatives directed its Committee on Basic Education to probe the West African Examination Council’s internally generated revenue from 2018 to 2023.

This decision followed a motion presented during Tuesday’s plenary by Mr. Amobi Ogah, the representative for Isiuakwato/Umunneochi Federal Constituency in Abia State.

In the debate, Mr. Ogah pointed out that WAEC is entirely funded by the treasury from the Federation Account. He cited Section 80(4) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), which states, “No funds shall be withdrawn from the Consolidated Revenue Fund or any other public fund of the Federation, except in the manner prescribed by the National Assembly.”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 examination fees collected from candidates are public funds.

Additionally, Mr. Ogah noted that WAEC, beyond its regular allocation, secured a N5 billion credit facility from First Bank Plc in 2022. Although the loan was repaid within the year, the purpose of the loan was not fully disclosed in the financial statement.

He stated that the National Assembly has the authority, under Section 89(1)(c) of the 1999 Constitution, to summon any individual in Nigeria to testify or produce any document or item in their possession or control.

He noted that as of January 12, 2019, the examination body held an investment of 2,974,510,000 shares valued at N1.45 billion in Megatons W.A. Limited, a firm specializing in the printing of security and confidential documents.

Additionally, an investment of N32.25 million was made within the same year, increasing the total investment value to N1.49 billion as of December 31, 2019.

However, the company entered liquidation, and significant provisions for impairment of the investment were made according to Internal Financial Reporting Standards (IFRS 9).

The House acknowledged that provisions for impairment amounting to N4.90 billion were made on the total investment, representing 60 percent of the total value, marking a substantial loss and raising questions about the initial investment decision.

The House is also aware that WAEC’s projected expenditure for 2024 is N42.9 billion, while its projected internally generated revenue (IGR) is N32 billion.

The lawmaker urged the House to thoroughly examine WAEC’s IGR, past financial statements, and debts collected from state governments to prevent further misuse of public funds and ensure accountability and prudent stewardship.

As a result, the House decided to review and approve WAEC’s IGR for 2024.

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