The House of Representatives Committee on Finance has asked the Nigeria Investment Promotion Commission NIPC, to explain why it spent 20 per cent of its revenue without authorisation.
Chairman of the committee James Faleke, stated this when the NIPC and Fiscal Responsibility Commission FRC appeared before it in Abuja, on probe of revenue generation by government Ministries, Departments and Agencies.
Faleke also queried the NIPC for recording an expenditure of 3.15 billion naira, in spite of generating a revenue of 2.89 billion naira in the first quarter of 2024.
The Director, Finance and Administration, of the commission, Akwada James, told the committee that the amount was projected expenditure for the year.
