By Christiana Ekpa
The House of Representatives Committee on Finance has instructed the Infrastructure Concession Regulatory Agency (ICRC), Nigeria Electricity Regulatory Commission (NERC), Nigeria Sugar Development Commission (NSDC), and other relevant agencies to submit detailed reports on their budget performances.
This move is targeted at assessing their adherence to existing financial regulations and laws.
The directive came during a resumed interactive session with key government agencies on Tuesday. The session, convened by the Committee, provided an opportunity for the agencies to present insights into their budget performance and compliance status.
The House Committee directed the Infrastructure Concession Regulatory Commission (ICRC) to provide a comprehensive account of all concessionaires and the fees charged since 2008.
This follows a presentation made by Shehu Sani Danmusa, Director of Infrastructure at the agency, who represented the Director General (DG), Dr. Jobson Ewalefoh.
During the meeting, the Committee Chairman, Rep. James Faleke, along with other members, identified discrepancies in the presentation, particularly concerning the breakdown of revenue and expenditures. They emphasized the need for the ICRC to adhere to standard financial and accounting practices by providing a more detailed and transparent report as required.
In his submission, the Chairman of the Nigerian Electricity Regulatory Commission (NERC), Sunusi Garba, revealed that the agency’s primary source of revenue is derived from the electricity market.
Presenting the agency’s income and expenditure for 2023 and 2024 to the Committee, Garba explained that the law stipulates the preparation of a budget from which the agency draws the necessary funds.
He stated: “The law provides that we prepare a budget and take just enough from the electricity market to fund our operations. This means that the amount we draw from the market depends on the budget we prepare.”
“So in the early days of the commission, when the market was a little bit immature, the commission was taking money from the market and the federal appropriation. But in the last, I think one, two years or even three years, the commission has been 100% dependent on the workings of the market for our revenues”.
