The House of Representatives on Thursday queried the Nigerian Investment Promotion Commission, NIPC, for recording an expenditure of N3.15 billion, despite submitting a revenue of N2.89 billion in the first quarter of 2024.
The agency appeared before the committee in the ongoing probe to monitor revenue by Ministries, Departments and Agencies of the Federal Government.
The Director, Finance and Administration of the agency, Akwada James, told the committee the amount was projected expenditure for the year.
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The Chairman of the Committee, Honourable James Faleke, also questioned the agency for spending 20 percent of its revenue in 2023.
The Chairman also queried the Fiscal Responsibility Commission, FRC, on its sessions with NIPC and why they spent 20 percent of their IGR without a query from them.
The Chairman of the Fiscal Responsibility Commission, Victor Mururako, represented by Mrs Victoria Adizou-Angakuru, said they had not received NIPC’s audited financial statements since 2019.
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