The House of Representatives Committee on Finance on Tuesday threatened to withhold funding to the Nigeria Sovereign Investment Authority, NSIA, in the 2022 budget due to disagreement over budget presentation.
According to the Chairman of the Committee, James Faleke, the NSIA has refused to present its budget to the National Assembly for consideration.
Mr Faleke announced that the House will instruct the Minister of Finance, Zainab Ahmed, and the Accountant General of the Federation, Ahmed Idris, not to release funding to the agency until it presents its budget.
The announcement was made at the commencement of the budget hearing by the committee.
“The agency is relying on its law, which says that its board shall approve its budget. I have told the agency that the law, whether made in error or rightly is not superior to the Constitution,” he said.
Adding that, “There will be no disbursement of funds from any of consolidated accounts to that agency. That is the opinion of the committee.”
At the commencement of the hearing, the office of the Accountant General and the Fiscal Responsibility Commission defended their budgets before the committee.
