Saturday, December 4, 2021
Home Foreign News EU Misspent More Than 4Bn Euros In 2020 Budget Year - Auditors

EU Misspent More Than 4Bn Euros In 2020 Budget Year – Auditors

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

The European Union (EU) misspent more than 4 billion euros (or 4.6 billion dollars) in the 2020 budget year, an assessment by the European Court of Auditors (ECA) published on Tuesday.

The ECA audits state to confirm whether the EU budget was spent in compliance with the bloc’s rules.

“Misspending can occur as a result of accounting errors, or when funds go towards something other than what they were intended for but in rare cases, it is also due to fraud.

See also  Russians Vote in Local Polls to Test Putin’s Party’s Dominance

“The proportion of misspent funding was 2.7 per cent of the total 147.8-billion-euro expenditure examined in the audit, broadly level with recent years.

“The report indicated that most of the audited cases came down to errors in the procurement process and not a fraud.

“The errors our auditors found most frequently were ineligible cost claims, ineligible projects, activities, or beneficiaries.

“Also errors in public procurement and state ad aid and lack of supporting documentation,” the assessment indicated.

See also  Alleged N900M Fraud: ICPC To Arraign Ex-JAMB Registrar July 6
See also  Alleged N900M Fraud: ICPC To Arraign Ex-JAMB Registrar July 6

Six cases were reported to the EU anti-fraud agency Olaf, compared to nine cases in 2020.

The report also flagged challenges ahead in the 1.8-billion-euro Coronavirus (COVID-19) recovery programme.

The report noted that over the next seven years, the EU would spend significantly more than in the previous programme period.

It added that the 27 member states in the bloc agreed on a COVID-19 recovery programme, which will be financed by issuing public debt.

See also  Pakistan Commutes Death Sentences of 3 Mentally Ill Prisoners

This decision marks a major shift in EU finances.

The auditors warned that the decision entails an obvious need for effective checks on how EU money is spent.

© 2021, Scud News. All rights reserved.

- Advertisement -

Most Popular

Archbishop Of Paris Resigns Amid Allegation Of Romantic Relationship

Aupetit had been Archbishop of Paris since 2017 and was thus a high-ranking representative of the Catholic Church in France.

Federal High Court To Begin Christmas Vacation On Dec 20

“Due to sudden overriding official engagements, the New Legal Year ceremony will now begin on December 16 to December 17.

Kaduna Set To Sack 233 Teachers Working With Fake Certificates

He said the state would soon conduct competency tests for its teachers, adding that the test would be followed up with a series of training.

NCC Qualifies MTNN, Airtel For 3.5Ghz Spectrum Auction

Adinde said the mock auction was scheduled for December 10, while the main auction will hold on December 13, both in Abuja.
See also  Here's What Trump Said After His Second Acquittal

© 2020 – 2021, Scud News. All rights reserved.

%d bloggers like this: