The Senate Committee on Upstream on Wednesday uncovered how the Nigerian National Regulatory Authority squandered N367 million Internally Generated Revenue without appropriation.
The Committee uncovered the mismanagement of the IGR by the agency during the budget defence before the Senator Tayo Alasoadura-led Committee.
Lamenting the mismanagement, Alasoadura wondered how the agency could spend N367 million generated in 2017 without appropriation by the National Assembly.
He added that it has already been stated explicitly that no Ministry, Department or Agency can spend “a dime in your IGR until it is approved by the National Assembly”.
Alasoadura however promised the agency to give them soft landing before the Red Chamber on the issue of spending IGR without the approval of the lawmakers.
He said: “I think our resolution is you provided us how you expended this N367 million for retroactive approval because what you have done is against the law.
“You cannot spend a dime without the approval of the National Assembly.
“You must also project what you will expend this year and also how you are going to spend it and present it to this committee for us to review and appropriate and it would go to plenary.
“Every MDA’s budget, IGR or the total must go to plenary, but because we cannot take this to plenary because it has been expended, you will be skinned alive.
“We would just see what we can do to ensure that what you should have done originally would now be done before the end of the year.
“The one for 2018 must be done properly for transparency.
“We frown at this.
“Prepare 2018 budget with comparative analysis.”
Speaking earlier, the Director General of the agency, Prof. Dim Lawrence, said N414 million was the shortfall in the 2017 budget.
On the IGR, Lawrence said the law provides for the agency to spend it to run day-to-day operation of the agency.
However, Alasoadura said: “I know what the law says, but in preparing your budget. you should be explicit about why you remit only 25 per cent of your IGR.
“Where is the balance of N367 million?”
Senate panel uncovers how FG Agency squandered N367m IGR
