Reps panel query MOFI over extra-budgetary expenditure

The House of Representatives Committee on Public Assets has queried the Ministry of Finance Incorporated (MOFI) over alleged extra-budgetary expenditure running into billions of naira.

The Committee, chaired by Mr. Ademorin Kuye, during proceedings, frowned at the Managing Director, Dr. Armstrong Takang, for taking money from the budget for its operations without authorization.

Expressing disappointment with MOFI for failing to live up to expectations, the committee berated the agency for reckless expenditure without improving government revenue.

Takang, in his presentation, told the Committee they took money from the budget.

Kuye queried, “In your report, we would like you to refer us to the section of the law where you are permitted to take money from the budget. How have you been getting funded since you came into office?”

Kuye said the agency wasted the Committee’s time as it did not provide any answer to its questions.

Kuye, in his ruling, also demanded various documents from the agency on the assets it was managing. He said they must be submitted within seven days.

The committee also knocked the agency for operating without proper legislation establishing it.

His words, “This is an agency we had high hopes for. What we request of you now is this: classes of assets, including shares of publicly traded entities, limited liability entities, and foreign-based and other businesses. A list of these assets, home and abroad, improvements that you have made thereupon, and how it has helped the GDP.

“Another class of assets is the financial assets, which includes public and private equities investments, fixed income, and hedge funds. The fixed assets include real estate. We need you to give us a list of those estates.

“We would like to have the value of each of these real assets, revenue made through them for the past ten years, and the contributions they have made to the GDP.

“Another class is the cash flow generating transactions such as the concession agreement and the public-private partnerships. We want a list of those concessions under your care and tell us the revenue with evidence from such concessions.

“The last class of assets are the minerals and intangible assets, which includes the hydrocarbon. We want to know the extent of your investments in them and what has come to Nigeria as a result of those investments.

“According to the record that you furnished us with, you said 80 per cent of whatever you get is put into new investment funds and then you put them into identified sectors, including manufacturing, digital services, and agriculture.

“We want you to furnish the committee in real-time with the specific amount and where it went whether it was into manufacturing, digital services, or agriculture.

“According to you, you have a list of 52 companies in your portfolio, with an estimated 18 trillion naira value and over 15,000 employees according to your records, which make you a major driver of our economy.

“We want a list of those companies, your employees, and how much you have recouped for Nigeria from such investments.

“Since inception and since your appointment, we want to know how many titled documents you have been able to obtain for our assets and how many you have been able to protect from further encroachment.

“You said part of your mission is to invest with the intent of preserving your socioeconomic value through catalysing growth. In your report, we would like you to refer us to the section of the law where you are permitted to take money from the budget. How have you been getting funded since you came into office?

“Lastly, we would like to know how much has been voted for MOFI in the last five years and for what purpose you spent that money. You wasted the time of Nigerians.

“We would give MOFI seven days to furnish the committee with those documents, after which we would fix another date for a hearing because so far, MOFI has just wasted our whole time for today. MOFI has just wasted the time of Nigerians, taxpayers’ money, and time today, and we must not allow that to happen again.”