The House of Representatives has ordered its Committee on Basic Education to examine the Internally Generated Revenue (IGR) of the West African Examination Council (WAEC) from 2018 to 2023. This decision was made during Tuesday’s plenary session, following a motion by Mr. Amobi Ogah, representing the Isiuakwato/Umunneochi Federal Constituency of Abia State.
Mr. Ogah highlighted that WAEC is funded by the Federation Account. He referred to Section 80(4) of the Nigerian Constitution, which states that funds can only be withdrawn from public accounts as prescribed by the National Assembly. He emphasized, “All funds received as examination fees from candidates for registration are considered public funds.”
Ogah also mentioned that WAEC secured a N5 billion loan from First Bank Plc in 2022, which was repaid within the same year. However, the purpose of the loan was not fully disclosed in WAEC’s financial statements. Furthermore, Ogah noted that the National Assembly has the authority, under Section 89(1)(c) of the Constitution, to summon individuals to provide evidence or documents.
In January 2019, WAEC had an investment of 2,974,510,000 shares worth N1.45 billion in Megatons W.A. Limited, a company involved in printing security and confidential documents. An additional N32.25 million investment was made the same year, bringing the total to N1.49 billion by the end of 2019.
However, Megatons W.A. Limited went into liquidation, resulting in WAEC making a provision of N4.90 billion for impairment, representing 60% of the total investment. Ogah stressed that this significant loss necessitates an investigation into the investment decisions.
Moreover, Ogah revealed that WAEC’s proposed expenditure for 2024 is N42.9 billion, while its IGR projection is N32 billion. He urged the House to scrutinize WAEC’s IGR, past financial statements, and debts from state governments to prevent further misuse of public funds and ensure accountability.
As a result, the House resolved to subject WAEC’s 2024 IGR to appropriation and approval, aiming for transparency and better financial management within the examination body.