Reps Committee Queries MOFI Over Unauthorized Spending

The House of Representatives Committee on Public Assets has queried the Ministry of Finance Incorporated (MOFI) for spending funds without budgetary authorisation. During a public hearing in Abuja on Tuesday, the committee gave MOFI a seven-day deadline to provide all relevant documents about its revenue and expenditure.

The committee’s chairman, Ademorin Kuye (APC-Lagos), scolded MOFI for allegedly reckless spending, failing to translate into improved government revenue. Kuye expressed disappointment in the agency’s inability to meet expectations and fulfil its mandate of enhancing government revenue.

This is an agency we had high hopes for. What we request of you now is a list of these assets, including shares of publicly traded entities, limited liability entities, foreign-based businesses, and other businesses, Kuye stated.

He further demanded a detailed account of improvements made to these assets and their impact on the country’s GDP.

The lawmaker also requested information on MOFI’s financial assets, such as public and private equity investments, fixed income, and hedge funds. Additionally, he sought a list of real estate assets, their values, revenue generated over the past 10 years, and their contributions to the GDP.

Kuye emphasised the need for information on cash flow-generating transactions, including concession agreements and public-private partnerships. He requested a list of all concessions under MOFI’s care, along with evidence of the revenue generated from such contracts.

The final category of assets mentioned by the chairman includes minerals and intangible assets, such as hydrocarbons. Kuye wanted to know the extent of MOFI’s investments in these areas and the benefits accrued to Nigeria. Furthermore, the committee demanded a list of the 52 companies in MOFI’s portfolio, which have an estimated N18 trillion and employ over 15,000 people.

In his ruling, Kuye stated that MOFI had wasted legislative time and directed the agency’s managing director, Armstrong Takang, to submit all relevant documents within the specified timeframe. The hearing was then adjourned to a later date.

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