Reps threaten to withhold 2022 budgetary allocation of Nigerian Sovereign Investment Authority.

Written by on November 3, 2021

The House of Representatives threatened to withhold the 2022 budgetary allocation of the Nigeria Sovereign Investment Authority (NSIA), for insisting on not submitting its budget proposals.

Chairman House committee on Finance, James Faleke issued the threat in Abuja at the commencement of the budget defence by the Office of Accountant General of the Federation (OAGF) and Fiscal Responsibility Commission (FRC).

This is just as the lawmakers queried the accountant general of the federation (AGF), Idris Ahmed, over discrepancies in the dollar exchange rate in allowances paid to its personnel attached to foreign missions.

Explanations by the accountant general that they were transfer costs by the Central Bank of Nigeria (CBN) did not convince the Committee and it summoned the apex bank to explain.

Idris said the Ministry had taken up the additional responsibility of paying its foreign attachments which explained the jump from 3-billion-naira budget for personnel cost in 2021 to 9 billion naira in 2022.

Faleke said the committee had spoken to the Managing Director of NSIA and the ministry of Finance about the illegality of the agency not submitting its budget to the National Assembly for approval but they are relying on its law which states that its board had the power to approve its budget.

To this regard, the Committee Chairman ruled that there will be no disbursement of funds from any of the Federation account to the agency.

Seun Fakorede

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