PDP account books show deficit of over N3.7 billion; anyone suprised?

 

Auditors that went through the accounts of the Peoples Democratic Party (PDP) have said there was a deficit of over N3.7 billion, part of which was the N2,241,693,156bn spent on elections in 2011.

This is contained in the party’s audited financial statements for 2010 and 2011 presented by a firm of Chartered Accountants, Messrs Iyornumbe Ime and Co.

The statement was tabled before the delegates at the March 24 national convention of the party, which was held in Abuja.

Both the immediate past National Chairman of the party, Alhaji Kawu Baraje and the former National Treasurer, Mr. William Makinde, signed the document on behalf of the defunct National Working Committee of the party.

Though, there was a zero membership dues accruing to the party in 2011, it also did not receive any grant from the Independent National Electoral Commission (INEC) within the period. Donations, levies and other income amounted to N645.27 million.

The party recorded N720.6 million for administrative expenses, while N2.2 billion was spent by the party for the 2011 elections and N1.37 billion as national secretariat expenses. It paid N15.1 million as bank charges.

From the audit report, the party had an expenditure of N4.35 billion over N645.2 million incomes, leaving behind a deficit of N3.7 billion.

According to the party’s account statement as presented by the auditors, its income and expenditure for the year revealed that only about 15 percent of the party’s income was guaranteed, leaving a balance of deficit.

The breakdown of the money spent on election indicated that the party spent N1, 937,700,00bn on the national convention that produced President Goodluck Jonathan as its presidential candidate.

It also expended N135, 550,000m on congresses in the 36 states and the Federal Capital Territory.

The party was however silent on the amount it spent on the presidential campaign, but said it spent N168,443,156 million on publicity and announcements.

In 2010, the report indicated that the party spent N1,020,029,318bn on elections.

The huge difference between the two years might be as a result of general elections that were held in 2011.

The document showed that the party spent N720, 652,991 million on administrative expenses in 2011 while it spent N1, 361,333,899bn on the same item in 2010.

It was also discovered that the party spent N1, 375,618,868 on what it called “national secretariat expenses” in 2011 as against N621, 130,116m in 2010.

courtesy Nigeria Revolt on facebook.

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