The House of Representatives has issued 24 hours utimatum to the Industrial Training Fund ( ITF) to account for the sum of N3 billion difference in their budget actuals indicated in the Auditor General’s report.
The Chairman of the House Committee on Finance, Hon. James Faleke, warned that if the agency failed to account for the N3 billion after 24 hours, it would be compelled to return the entire sum to the coffers of the federal government.
Faleke gave the ultimatum on Monday, at an interactive session between the agency and the committee on the Medium Term Expenditure Framework ( MTEF)/Fiscal Strategy Paper ( FSP).
He said: “While the audited report indicated that ITF spent N4.115 billion as capital expenditure, records from the agency shows N1.4 billion.”
The lawmaker further queried the expenditure of N39.8 billion by the ITF, as operating cost, in 2022, when it recorded a total revenue of N 45.1 billion with 2,691 staff nationwide.
Faleke added: “Compared to what you have in your audited report because I don’t understand, audited report is saying N4.115 billion capital expenditure and your own is saying N1.4 billion.
“I think that we have given you enough time to explain, by tomorrow if you don’t give us where the over 3 billion is, you will be forced to return that money. So, tomorrow is Tuesday, you are to come to us and tell us where that money is, alright, thank you, you may take your leave.”
Earlier, the Director Finance and Accounts, ITF Mrs. Safiya Mansur, had told the committee that the agency gets its revenue from the one percent training contributions from public and private companies.
She explained that there are a total of 128,000 registered companies making contributions to the agency.
Mansur noted that out of this number, only 57,000 are up to date in their contribution.