Who changed Nigeria Accounting System..
Years back for every Nigeria Debit entry there was always a corresponding credit entry, later on we decided to create Ledgers only to discover errors,.to check the accuracy we decided to create the Trial Balance yet the error remained, we open Journal,only to give up and abandon the errors in the suspense account but it went on to affect our trading account, income and expenditure account and even our balance sheet which we changed the name to statement of financial position thinking a change of name will change the errors.
We said there was alot in our foreign reserve yet we couldn’t meet up with our budget, as things degenerated we decided to abandon our capital expenditure to atleast meet up with recurrent expenditure still we are unable to pay government workers their salaries even after sharing every dime in the federation account fund since there is nothing left in the development fund or consolidated fund, they said there had been some fraud, we dragged the Accountant General and Minister of Finance even the Governor of the Central Bank was not left out only for them to turn us to the Auditors, Forensic Auditors whose report was not made public.. Now fraud,debt errors keep on pilling in the suspense account because we are only still suspecting those that could have looted funds and changed our Accounting system..
They said our crude oil account is always in deficit never surplus, that our Natural Resources are also depleting, Naira keeps falling and depreciating no appreciation what-so-ever, comparing Naira to Dollar is now like comparing Asset to Liability one is wealth the other isn’t.. They said we should try Inventory procedure but they said what are we producing and this is not a private firm..
We privatise PHCN yet we still don’t get value for our money, maybe Commercialization of government agencies would have been better rather than total privatisation. They said we should cut down our expenses, they cut down recurrent expenses and capital expenses that would help the masses but refused to cut down theirs..
We only keep on piling our suspense account with no suspect yet..