The House of Representatives Committee on Public Assets has berated the Ministry of Finance Incorporated (MOFI) for reckless expenditure without improving government revenue.
The committee, therefore, demanded the amount voted for MOFI in the last five years and for what purpose.
It also gave MOFI seven days to furnish the committee with necessary documents it demanded for.
Chairman of the Committee, Hon. Ademorin Kuye, queried the agency as its Managing Director, Dr Armstrong Takang, appeared before it to give account of their activities.
Takang had in his presentation told the Committee they took money from the budget
Kuye queried, “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 you have been getting funded since you came into office?”
In his ruling, the Chairman demanded for various documents from the agency on the assets it was managing.
He said they must be submitted within seven days.
The committee also knocked the agency for operating without proper legislation establishing it.
Kuye stated : “This is an agency we had high hopes of. What we request of you now is this class of assets, including shares of publicly traded entities, limited liability entities and 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.
“Another class is assets is the financial assets, which includes public and private equities investments, fixed income and hedge funds, the fixed assets includes the real estates. We need you to give us a list of those estates.”
The committee added that it 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.
It noted: “Another class is 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.
“The 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.
“According to the record that you furnished us with, you said 80 percent of whatever you get are put into new investments funds and then you put them into identified sectors including manufacturing, digital services and agriculture.
“We want you to furnish the committee in real time what the specific amount and where did it go? Whether it was into manufacturing or into digital services or into agriculture
“According to you, you have a list of 52 companies in your portfolio, with an estimated N18 trillion value. and over 15, 000 employees according to your records which make you a major driver of our economy.”
The Committee further demanded the list of the companies, employees and how much MOFI recouped for Nigeria from such investments.
Kuye stated: “You said part of your of your mission is to invest with intent of preserving your socio-economic value through catalysing growth. 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 you have been getting funded since you came into office
“Lastly we would like to know how much has been voted for MOFI in the last five years and for what purpose you spent those money. You wasted the time of Nigerians
“We would give MOFI seven days to furnish the committee with those documents after which we would fix another date for hearing because so far MOFI has just wasted our whole time for today. MOFI has just wasted the time of Nigerians, taxpayers money and time today and we must not allow that to happen again.”
