The Senate on Thursday passed for concurrence the Federal Audit Services Commission Bill.
The bill after harmonisation by the two legislative arms and assent by the President will establish the Federal Audit Services Commission and the office of Auditor-General of the Federation with provision for additional powers and functions.
The bill once it becomes law will repeal the Audit Act 1956, the Public Accounts Committees Act; and enact the Federal Audit Service Bill, 2015.
Senate President Bukola Saraki said the passage of the bill signifies a breakthrough in the country's fight against corruption.
He added that the commission will promote accountability and probity in the public service.
"Today is a landmark achievement in the fight against corruption. This is will bring accountability and probity in the finances of the government and the fight against corruption. This will go a long way in ensuring the independence of the office of the Auditor-General and will ensure that the Auditor-General has access to different parastatal agencies.
"We truly have to block all the various leakages. We have to ensure that we get this to Mr. President to get his assent. We have gone a long way in this administration in our fight against corruption, and it is commendable that the National Assembly are the sponsors and movers of this very important Bill, which we can see has been outdated for many years. We will continue to play our part in this fight against corruption for the sake of our country," he said.
The bill, once it is assented to, will empower the commission to carry out audits of all revenues accruing to the federation, expenditures of the federation from all sources, donations, grants and loans accruable to the Federal Ministries, departments and agencies or other public entities
The commission will also be empowered to carry out performance audit by ensuring that federal government and its agencies business is economically, efficiently and effectively performed
The commission will have power to audit classified expenditure, international institutions to the extent of Nigeria's contribution to such bodies, all federal government and its agencies' counterpart funded projects in the country.
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