The Ministry of Finance Incorporated (MOFI), have been queried by the House of Representatives Committee on Public Assets, over its decision to spend funds for its operations without budgetary authorisation.<\/p>\n
The committee issued a seven-day ultimatum to the agency to submit all relevant documents on its revenue and expenditure to the committee, at a public hearing in Abuja.<\/p>\n
Ademorin Kuye (APC-Lagos), the chairman of the committee, berated the agency for alleged reckless expenditure without improving government revenue.<\/p>\n
He expressed disappointment with MOFI for failing to live up to expectations on its mandate to improve government revenue.<\/p>\n
\u201cThis is an agency we had high hopes for. What we request of you now is this class of assets, including shares of publicly traded entities, limited liability entities 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.<\/p>\n
\u201cAnother class is assets is the financial assets, which include public and private equities investments, fixed income and hedge funds, the fixed assets include the real estate. We need you to give us a list of those estates.<\/p>\n
\u201cWe would like to have the value of each of these real assets, revenue made through them for the past 10 years and the contributions they have made to the GDP,\u201d said the lawmaker.<\/p>\n
He further said, \u201cWe also want 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.<\/p>\n
\u201cThe last class of assets are the minerals and the 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.\u201d<\/p>\n
The lawmaker demanded a list of the 52 companies in the agency\u2019s portfolio, with an estimated N18 trillion value and over 15,000 employees.<\/p>\n
In his ruling, Mr Kuye said the agency had wasted legislative time and demanded that the managing director, Armstrong Takang, submit all relevant documents and adjourned the hearing to a later date.<\/p>\n","protected":false},"excerpt":{"rendered":"
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