Reps panel threatens NSIA with zero budgetary allocation for 2022

* Directs Minister Ahmed to halt cash disbursements to agency

The House of Representatives Committee on Finance has threatened the Nigeria Sovereign Investment Authority (NSIA) with zero budgetary allocation for allegedly failing to submit its 2022 budget to the National Assembly for scrutiny and approval.

Chairman of the Committee, Hon. James Faleke, said the panel has directed the Minister of Finance, Zainab Ahmed, to withhold releases to the agency for breaching due process.

He accused the agency of drawing funds from its board via the establishing Act and spending without recourse to the legislature.

“The committee will not hesitate to direct the office of the Accountant General of the Federation (AGF) not to make any disbursement to the NSIA in 2022, if it continues to turn down its invitations, as no law is superior to the Nigerian Constitution.

“We will not approve funds for that agency in 2022 budget,” Faleke declared.

The AGF, Ahmed Idris, who presented a budgetary proposal of N10.470 billion for 2022 to the committee, explained that N9.088 billion is for personnel cost – including a new component of foreign service attaché – while N752.831 million goes for overheads, as capital projects get N629.600 million.