By Gloria Ikibah
The House of Representatives has queried the Nigeria Investment Promotion Commission for recording an expedite of N3.15 billion, despite submitting a revenue of N2.89 billion in the first quarter of 2024.
This was at the continued investigation by the House Committee on Finance to monitor revenue by Ministries, Departments and Agencies of the Federal Government on Thursday in Abuja.
The Director, Finance and Administration of the agency, Akwada James, disclosed to the committee that the amount was a projected expenditure for the year.
“Why it is that is because our income does not come at a time. So we have done committed spending in the budget for the year,” James said.
Chairman of the Committee, Rep. James Faleke queried why the agency would budget for what it had not carried out yet.
“The revenue collection for first quarter 2024 is 2.89b and your expenditure for that same period is 3.15b. If you are giving us revenue for a quarter, the expenditure for that quarter should be stated not the whole. How can you give me expenditure for the whole year?” the Committee Chairman queried.
James said this was a format given to them by the budget office.
“No sir, we don’t like that format here. It’s confusing. How can you tell me you generated N2.8 billion and on record you spent N3.1 billion and we ask where did you get the money and who gave you the authority to spend above budget,” Faleke questioned.
The Committee also queried the agency for spending 20 percent of his revenue in 2023.
“A fully funded agency is supposed to remit their revenue 100 percent. So you spent money illegally. On what authority did you approve the usage of that money?” Faleke queried.
James said it was based on the budget and their engagement with Ministry of Finance.
According to him, they were authorised by a letter to do so.
“I would like to see letter that authorized you to spend that 20 percent else we would charge all of you personally.
“We would write and ask that the money spent be deducted from your salaries until it is fully refunded. I need that letter on Monday.
“Fiscal Responsibility Commission (FRC), I need a report of your sessions with NIPC and why they spent 20 percent of their IGR and there has not been any query from your agency,” Faleke said.
The Chairman of the Fiscal Responsibility Commission, Victor Mururako, represented by Mrs Victoria Adizou-Angakuru, said they had not received NIPC’s audited financial statements since 2019.
Faleke directed that the Managing Director of NIPC appear before the committee on June 5, 2024 with their comprehensive records.
“The best approach is to invite the accountant general. In view of the contradictions, we would keep our documents and let the accountant general come and tell us what is responsible for this discrepancies for a fully funded agency,” Faleke said.