The House of Representatives has mandated its Committee on Basic Education to investigate the Internally Generated Revenue (IGR) of the West African Examination Council (WAEC) for the period spanning 2018 to 2023. This decision was reached during Tuesday’s plenary session, following a motion presented by Amobi Ogah, the representative for Isiuakwato/Umunneochi Federal Constituency of Abia State.
Ogah highlighted that WAEC, which receives full treasury funding from the Federation Account, also collects examination fees from candidates. He invoked Section 80(4) of the 1999 Constitution, arguing that all such funds are public and should be managed as prescribed by the National Assembly. Ogah stressed the need for transparency, noting, “No funds shall be withdrawn from the Consolidated Revenue Fund or any other public fund of the Federation, except in the manner prescribed by the National Assembly.”
Concerns were also raised about WAEC’s financial practices. Ogah pointed out that the examination body had taken a N5 billion loan from First Bank Plc in 2022, which was repaid within the same year, yet the financial statements lacked full disclosure on the loan’s purpose. Additionally, WAEC’s investments came under scrutiny, especially its stake in Megatons W.A. Limited, a company involved in printing security and confidential documents. Despite significant investments, Megatons entered liquidation, leading to substantial financial losses for WAEC.
Ogah detailed the financial missteps, stating, “WAEC has an investment of 2,974,510,000 units of shares worth N1.45 billion in Megatons W.A. Limited. However, the company went into liquidation, causing a 60 per cent impairment on the total investment, amounting to N4.90 billion. This calls for questions regarding the initial investment decision.”
The House was also informed of WAEC’s proposed expenditure for 2024, which stands at N42.9 billion, against an IGR projection of N32 billion. Ogah urged the House to scrutinise WAEC’s financial statements and debts to prevent further wastage of public funds.
In response, the House resolved to subject WAEC’s 2024 IGR to appropriation and approval, ensuring better oversight and accountability.
This move by the House underscores the growing demand for transparency and accountability in public institutions. The investigation aims to ensure that WAEC’s financial activities align with its mandate and public expectations. The Committee on Basic Education is expected to conduct a thorough review, providing insights that will guide future financial decisions and safeguard public resources.
As part of this initiative, a detailed public hearing will be scheduled, inviting stakeholders to contribute to the discourse on WAEC’s financial management practices.
