The House of Representatives Committee on Public Assets has queried the Ministry of Finance Incorporated (MOFI) for taking money from the budget without authorisation for its operations.
The chairman of the Committee, Hon Ademorin Kuye, issued the query when the agency’s Managing Director, Dr Armstrong Takang, appeared before it on Tuesday to give an account of their activities.
The Committee, which grilled Takang and his team members on efforts to boost government revenue, expressed disappointment with MOFI for failing to meet expectations.
The panel criticised the agency for reckless expenditure without improving government revenue.
Takang had, in his presentation, told the lawmakers that MOFI took money from the budget.
Kuye noted, “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?”
The lawmaker said the agency wasted the Committee’s time as it did not provide any answer to its questions and demanded various documents from the agency on the assets it was managing.
“We had high hopes for this agency. We’d like to ask you now to be in this class of assets, including shares of publicly traded entities, limited liability entities foreign-based, and other businesses. A list of these assets at home and abroad. What improvements have you made there, and how have they helped the GDP?
“Another class of assets is financial assets, which include public and private equities investments, fixed income, and hedge funds. Fixed assets also include real estate. We would like you to give us a list of those assets.
“We would like to know the value of these natural assets, the revenue generated for the past ten years, and their contributions to the GDP.
“Another class is cash flow-generating transactions such as concession agreements and public-private partnerships. We want a list of concessions under your care. Please provide evidence of the revenue from such concessions.
“The last class of assets is minerals and intangible assets, including hydrocarbons. We want to know the extent of your investments in them and what has come to Nigeria due to those investments.
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