Public analyst and accountability advocate Abubakar Yaro has dismissed the Socio-Economic Rights and Accountability Project’s allegation that N26.9 billion is unaccounted for in the Universal Service Provision Fund, labeling it as deceptive and lacking essential context.
In a statement issued on Wednesday, Yaro pointed out that the narrative presented to the public is one-sided and exaggerated. According to him, the claim does not reflect the complete picture, as it omits critical details about the USPF’s financial operations.
Yaro argued that average annual allocations to the USPF during the period in question stood at around N7.5 billion, making it illogical for an institution with such funding to suddenly lose N26.9 billion. Simple arithmetic alone contradicts the assertion.
Further analysis reveals that over N13.8 billion of the supposed missing funds actually relate to operating surplus deductions handled by the Nigerian Communications Commission before any transfer to the USPF. Records indicate that the USPF never received or held those amounts.
Yaro challenged SERAP to explain why these facts were overlooked before rushing to the media. He emphasized the need for accurate and transparent reporting to avoid misleading the public about the management of public funds.