Reps C’ttee slams MOFI for reckless spending

By Christiana Ekpa

The House of Representatives Committee on Public Assets on Tuesday slammed the Ministry of Finance Incorporated (MOFI) for taking money from the budget for its operation without authorization.
The Chairman of the Committee, Hon Ademorin Kuye, queried the agency as its Managing Director, Dr Armstrong Takang, appeared before it to give account of their activities.
The Committee, which grilled Takang and members of his team on efforts to shore up the revenue of government expressed disappointment with MOFI for failing to live up to expectations.
It berated the agency for reckless expenditure without improving government revenue.
Takang had in his presentation told the Committee they took money from the budget.
Kuye queried, “In your report we would like you to refer us to the section of the law where you are permitted to take money from the budget. How you have been getting funded since you came into office?”
Kuye said the agency wasted the Commitee’s time as it did not provide any answer to its questions.
Kuye, in his ruling also demanded various documents from the agency on the assets it was managing.
He said they must be submitted within seven days.
The committee also knocked the agency for operating without proper legislation establishing it.
His words, “This is an agency we had high hopes of. What we request of you now is this classes of assets, including shares of publicly traded entities, limited liability entities and foreign based and other businesses. A list of these assets home and abroad. Improvements that you have made thereupon and how it has helped the GDP.