The House of Representatives Committee on Public Accounts (PAC) has commenced investigation into how the Nigeria Investment Promotion Commission (NIPC), a federal government agency under the Federal Ministry of Industry, Trade and Investment, engaged in extra budgetary expenditure of N1.19 billion in 2018 and 2019.
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Accordingly to a report from the office of the Auditor General of the Federation, the NIPC had a budget of N194 million in 2018, and N180.6 million in 2019, but spent N700 million and N871 million respectively.
A study of the 223-page document presented to the committee by the commission showed a line item suggesting that the commission may have spent its internally generated revenue for 2019 to service its recurrent and capital budget.
The lawmakers had earlier rejected the commission’s submission to the query, saying that the supporting documents were neither signed nor authenticated by any authority which made the submission invalid in the eyes of the law.
