In what observers describe to be timid observations, official reports released by the Central Administration for Control and Auditing (COCA) revealed financial violations and infringements at the Ministry of Oil and Minerals at hundreds of millions of US dollars.
The ministry, upon which the country’s economy is built, is accused for excessive expenses. The same reports noted that there had been repeated and excessive expenses, reaching in 2006 alone over $26 million (some YR 5 billions).
This figure made up about 49 percent of the ministry’s overall revenues collected in the same year which mounted to $53 million. Further, the ministry is working to use the revenues collected from oil companies in return for using the pipeline and other oil facilities for its own expenses.
According to the reports, the ministry collected over $39 million and kept it in its bank accounts for covering its expenses. As to bonuses, the ministry spent about $2 million in overstated bonuses for its employees and also spent about YR 452 million for the same end.
The reports mentioned as well that $55,000 was spent for no clear reasons and it was not included under any item in the budget and $37 million was spent on buying a power generator and furniture for the Minister’s house.
This comes at times the country is facing unprecedented drop in oil revenues due to the collapse of oil prices worldwide and the depletion of several oil wells and the rampage of corruption.