‘Accounting lacks, not mismanagement’ - NSFAF

07 December 2017 | Government

After the Namibia Students Financial Assistance Fund (NSFAF) failed to appear before the Parliamentary Standing Committee on Public Accounts last week, they responded by saying they have 46 000 files that need to be reconstructed for auditing purposes – a task they will complete by March next year.

The NSFAF needs to answer questions on an unaccounted N$1.7 billion that was disbursed from the education ministry to fund between 2009 and 2013. “We wish to assure our customers and stakeholders that no money had gone missing,” according to a media statement.

Chairperson of the standing committee, Mike Kavekotora, said last week that the no-show is unacceptable and arrogance on the part of the management.

He said NSFAF chief executive officer Hiliya Nghiwete and her management sent a letter to the committee at the last minute, indicating their inability to attend the hearing as it requires more time to conduct a detailed validation and analysis of 46 000 files which were transferred from the education ministry when the fund became an independent body in 2013.

According to Nampa, Kavekotora said that the letter from the NSFAF does not add any value whatsoever. “I am very concerned that there seems to be an attitude from NSFAF that is not to our liking,” he said. He stated that that CEO informed the committee that the fund is working on how to account for that money.

According to the statement by the NSFAF, the funds in question were disbursed for student funding, but that the recording or accounting of such funds was not clearly captured, which presented challenges with regards to reconciling the accounts.

Kavekotora, who did not accept the letter, informed the hearing that NSFAF will be subpoenaed in February 2018, as soon as Parliament opens its session for 2018 to explain what happened to the money.

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