The House of Representatives Committee on Finance has directed the Infrastructure Concession Regulatory Agency (ICRC), the Nigeria Electricity Regulatory Commission (NERC) the Nigeria Sugar Development Commission (NSDC) and others to provide proffer details of their budget performances in order to ascertain their level of compliance with extant financial regulations laws.
The directive was given through resolutions when the agencies appeared before the Committee at its resumed interactive session being held by the Committee with key agencies on budget performance on Tuesday.
Chairman of the Committee, Hon. James Faleke and members who picked holes in the presentation, especially the breakdown of revenue and expenditures, said there is a need for the agency to present a comprehensive detail as required by standard accounting and financial practices.
After the presentation, the Committee directed that the NERC also submits all the details of its revenues, expenditures as well as invoices to industry players on energy purchases and reconciliations.
Similarly, the Committee also picked holes in the expenditures of the National Sugar Development Council (NSDC) over its frivolous spendings on non-essential like foreign travels, office renovations while neglecting core responsibilities to develop the Sugar sector.
The Committee, therefore, directed the Commission to do due diligence and provide it with more comprehensive records that it will use to determine its budget performance.
Other agencies that attended the meeting were also directed to do the same while the committee resolved to set up an Adhoc Committee to analyze the budget performance of the Securities and Exchange Commission.
