The House of Representatives Committee on Public Assets has queried the Ministry of Finance Incorporated MOFI, over its decision to spend funds for its operations without budgetary authorisation.
At a public hearing in Abuja, the committee issued a seven-day ultimatum to the agency to submit all relevant documents on its revenue and expenditure to the committee.
The Chairman of the committee, Ademorin Kuye berated the agency for alleged reckless expenditure without improving government revenue.
He expressed disappointment with MOFI for failing to live up to expectations on its mandate to improve on government revenue.
He demanded for a list of the 52 companies in the agency’s portfolio, with an estimated 18 trillion naira value and over 15, 000 employees.
In his ruling, Kuye said that the agency had wasted legislative time and demanded that the Managing Director, Armstrong Takang to submit all relevant documents and adjourned hearing to a later date.
