House investigates NIPC over N1 billion in unauthorized spending, according to the audit

Ibekimi Oriamaja Reports

The Nigeria Investment Promotion Commission (NIPC), a federal agency under the Federal Ministry of Industry, Trade, and Investment, engaged in extra budgetary expenditure of N1.19 billion in 2018 and 2019. The House of Representatives Committee on Public Accounts (PAC) has started an investigation into this matter.

The NIPC spent N700 million in 2018 and N871 million in 2019, despite having budgets of N194 million and N180.6 million, respectively, according to a report from the office of the Auditor General of the Federation.

An examination of the 223-page report the Commission provided to the Committee revealed a line item that would have indicated the Commission used its own funds for 2019 to support its recurring and capital budget.

The legislators had already rejected the commission’s response to the inquiry, stating that the submission was illegal under the law because the supporting documents were neither signed nor authorized by any authority.

When defending the submission, the Commission’s Director of Finance, Mr. Akwada James, claimed that he had no idea what he was doing and that he did not know how to answer the Committee’s questions item by item.
In response, the MPs pointed out various errors in the submission, claiming that it appeared to be a counterfeit document that would not withstand the test of time before the law.

In order to accomplish this, the Committee Chairman, Hon. Wole Oke, ceased all inquiries and instructed the new Executive Secretary, Mrs. Saratu Umàr, to return with the submission so that she could become familiar with it and return by next Wednesday to defend it.
Additionally, Oke commanded the agency’s management to fully justify any expenditures of public funds available to them without first receiving authorization from the National Assembly in the form of an allocation.

The Committee further instructed the Commission to request N690 million in additional financial spending from the National Assembly.
Since you recently took office and the people in charge before you aren’t helping the situation, Oke said, “Madam New Executive Secretary, in accordance with the principle of fair hearing we operate here, the Committee we allow you to pick a date, so that you can go and familiarize yourself with the submission and the relevant documents and come back to defend the query.”