Members of the National Assembly seek payments from institutions during oversight visits, according to Prof. Hassan Ibrahim, Deputy Vice Chancellor of Ibrahim Badamasi Babangida University (IBBU) in Lapai, Niger State.

Ibrahim gave a speech at the Federal University of Technology (FUT) Minna’s Bursary Department’s third annual lecture, which had as its topic “The Role of Accountants in Enhancing Ethical Financial Practices in the University System.”

He clarified that political meddling in university administration has not only made operations challenging but also tainted and distorted the system.

Instead of acting morally, some politicians are abusing the monitoring role to further their own agendas by requesting kickbacks, which is immoral. We’re discussing ethics, but it’s not that way with politicians.

“What we see today is, when members of the National Assembly wants to visit like FUT Minna for oversight functions, the Bursary Department has to prepare at least the sum of N10 million for them within its limited resources.

“They sometimes don’t even show up, but they will request that the university meet them in Abuja with documents, which corrupts and taints the system,” Ibrahim stated.

However, he attributed the development on the institutions’ accountants, who he claimed had not followed the five core principles of the profession when it came to resource management.

The professor charged that the accountants’ records lacked accountability and openness.

They (politicians) won’t ever ask for anything if we (accountants) are acting appropriately at the appropriate moment. Politicians want bribes because the Bursary Department is trying to hide some wrongdoing.

Doing the correct thing at the proper time and place is the greatest way to deal with this.

All accountants are supposed to adhere to the five basic principles that govern the industry; breaking them would result in several issues, he continued.

He said that Nigerian institutions must implement creative financial management techniques including increasing internal controls and auditing, diversifying revenue sources, and improving financial reporting and transparency in order to overcome their financial difficulties.

He also pointed out that, among other things, they have to promote involvement and investment from the business sector and increase the capability and training of financial personnel.

In his speech, VC FUT Minna Prof. Faruk Adamu Kuta, speaking on behalf of VC Academics Prof. Mohammed Abdullahi, stated that since the bursary unit interacts with all university departments regarding finances, it is necessary to educate and train its employees on the latest financial systems so they can carry out their duties effectively and efficiently.

Inflation and a lack of funding are causing major problems for Nigerian institutions, according to Mrs. Hadiza Goje, the chairperson of the Association of Bursars of Nigerian institutions and the bursar of FUT Minna.

According to her, the existence and viability of universities depend heavily on the role that accountants play in encouraging moral financial conduct.