The House of Representatives Committee on Finance has queried the National Investment Promotion Commission (NIPC) for recording an expenditure of N3.15 billion, while its records showed a revenue of N2.89 billion in the first quarter of 2024.
This was raised Thursday when the agency appeared before the committee in the ongoing probe to monitor revenue by Ministries, Departments and Agencies (MDAs) of the federal government.
The director, Finance and Administration of the agency, Akwada James, told the committee the amount was projected expenditure for the year.
“Why it is like that is because our income does not come at a time. So, we have done committed spending in the budget for the year,” he said.
Chairman of the committee, Hon James Faleke, wondered how the agency could budget for what it had not done.
“The revenue collection for first quarter 2024 is 2.89b and your expenditure for that same period is 3.15b. If you are giving us revenue for a quarter, the expenditure for that quarter should be stated, not the whole. How can you give me expenditure for the whole year?” the committee chairman queried.
The Director insisted that this was a format given to them by the budget office, but Faleke told him that same was not acceptable. “No sir, we don’t like that format here. It’s confusing. How can you tell me generated N2.8 billion and on record you spent N3.1 billion and we ask where did you get the money and who gave you the authority to spend above budget,” Faleke said.
