The House of Representatives Public Accounts Committee (PAC) has commenced an investigation into how the Nigeria Investment Promotion Commission (NIPC) expended N1.19 billion in 2018 and 2019 without appropriation.
A report from the Office of the Auditor General of the Federation said the body had a budget of N194 million in 2018 and NN180.6 million in 2019 but spent N700 million and N871 million respectively.
Following this revelation, the PAC has asked the agency to explain why the money was spent without the approval of the National Assembly.
The committee’s Chairman Wole Oke, (PDP, Osun) said they are also investigating why the commission would re-award a contract for the supply and installation of 50 units of complete computers and UPS at the cost of N28.9 million when an upward review of the same contract demanded by the original contractor was N27.6 million.