CAG uncovers Sh7 billion loan issued irregularly by NSSF
What you need to know:
- The excess money, according to the CAG, stands to the tune of Sh7 billion, hence making the total amount given out in loans to be Sh67 billion.
Dar es Salaam. The Controller and Auditor General (CAG) has discovered an unexplained money given in excess of the Sh60 billion in loans issued by the National Social Security Fund (NSSF) to unnamed institutions.
The excess money, according to the CAG, stands to the tune of Sh7 billion, hence making the total amount given out in loans to be Sh67 billion.
CAG Prof Musa Assad said the loan agreements show that only Sh60 billion was supposed to be issued but somehow NSSF added another Sh7 billion of which there was no agreement.
“Loan agreement indicates that the amount targeted was Sh60 billion but NSSF authorised Sh7 billion more on the issued loan. So, my suspicions is that the money will be lost as there is no agreement attached to it,” he said when handing the audit report for the financial year 2016/17 to President John Magufuli.
The report has generally revealed various misappropriations of public funds in local government authorities and parastatal organisations.
