Accountability is an important aspect of all governments, institutions and organizations today. Federal Government of Nigeria has received large funding from donours to fight the dreaded Coronavirus. This is to undertake intervention to fight the dreaded Coronavirus and institute programmes that alleviate human suffering at this crucial period. Association of Corporate Governance Professionals of Nigeria therefore urge the receiving body to establish the proper accountability regime of all the donations collected and ensure that it publishes statement of account on daily basis in this regard. A time of pang and pain is not the time for anyone to embezzle or pilfer the donated money, not even a kobo
Every record with regard to the fund must be kept particularly those involving finances, kits, ventilators and other materials.
It must be established that donated funds must be judiciously spent dependent on the accountability mechanisms put in place by the implementing body. It is therefore expected that the CBN should keep a minimum set of financial statements e.g. Statement of comprehensive income, statements of financial support and cash flow statements.
The citizens involvement in oversight of this fund should be adequate and the satisfaction of the those that were affected by this virus and the citizens should be established. Donours were keen on compliance to the laws of the country and also involved the oversight bodies such as professional bodies, and corporate governance institutions in checking compliance. It should be established that donours expected performance measurements to be done and that CBN prepare specific reports in this regard. The donours also demand that the financial statements and authenticity of spending be verified by independent auditors. ACGPN therefore recommends that CBN should to come up with proper and effective accountability mechanisms, which will measure performance, enhance legitimacy and accountability. This will include the use of proper performance measurement tools, compliance to both donours and government regulations in order to secure sustained financing to battle the virus and ensure that the health development agenda of the Country is achieved. ACGPN further recommends that the CBN procure the services of recognized audit firms on pro bono basis, that will offer value adding audits which in effect will boost donours confidence and enable the country to achieve its aim in this fight.
