Reps committee reject PENCOM’s N1bn remittance, summons DG

Reps committee reject PENCOM's N1bn remittance, summons DG

 

The House of Representatives has rejected the financial statement of the National Pension Commission which shows a remittance of N1 billion out of its N20.7 billion revenue generated in 2021, and some breaches of extant financial regulations.

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Its Committee on Finance has now summoned PENCOM DG as it reads riot act to Chief Executives of MDAs ignoring its invitations.

The committee on Finance is still taking inputs from agencies of government as it continues legislative work on the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper.

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PENCOM drew the anger of the legislators with the absence of its Chief Executive.

The document submitted to the Committee showed that the agency remitted a paltry N1 billion out of the over N20 billion generated in 2021.

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In the document, the Commission’s actual operating surplus stood at N5.53 billion against the projected N1.85 billion while actual staff salaries was N10.15 billion against N11.13 billion projected.

This, the Committee insists, violates extant financial regulations.

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Other agencies that appeared before the committee included NAFDAC, Nigerian Agricultural Insurance Corporation, Nigeria Railway Corporation and the Nigeria Shippers Council.

The committee has indicated its resolve to wind down its interface with MDAs on MTEF/FSP by next Thursday with a determination to publish names of Chief executives who eventually failed to throw open their books for its appraisal.

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