Government admits fraud in N1 trillion social investment fund

diamond hope

February 16, 2018 12:30 PM

The government admitted to a case of fraud concerning the N1 trillion social investment fund.

On Thursday, February 15, 2018, the Federal Government admitted there had been fraud in its Social Investments Programme (SIP), prompting an investigation by the Economic and Financial Crimes Commission (EFCC).

Special Adviser on SIP, Maryam Uwais, made the disclosure while briefing State House correspondents on the implementation of the scheme and her presentation at the National Economic Council (NEC) meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

She said fraudulent practices like short-changing, racketeering, harassment of beneficiaries and exploitation of the vulnerable plagued the scheme in states. The revelation followed the release of just 15% of the N1 trillion budgeted for the initiative.

She said while the SIP was collaborating with various organizations to overcome the challenges, participating state governments were expected to support fraud detection and prevention.

According to her, the EFCC has been alerted to arrest and prosecute the perpetrators, some of who have already been suspended or sacked.

She explained that the total spending on SIP in 2016 and 2017 was 15.58%. Half a trillion Naira had been budgeted for each of the two years, meaning that only N158 billion had been released and spent.

diamond hope

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