The Public Accounts Committee, PAC of the House of Representatives has ordered the Investment and Security Tribunal (IST) to remit N6,327,049.85 to the federal government within 7 days.
The directive was given during a hearing on the Auditor-General’s Report 2020, which raised several issues against the agency.
The issues included payment without supporting documents, totaling N11,698,329.40, non-remittance of statutory taxes totaling N1,407,544.85, extra-budgetary spending totaling N3,159,129.75, and cash advances above N200,000 totaling N1,760,376.00.
The Chief Registrar of IST, Mr. Shehu Kuta, acknowledged some of the infractions, including the non-deduction of statutory taxes and cash advances above N200,000.
He attributed the extra-budgetary spending to a default in the Government Integrated Financial Management Information System (GIFMIS).
The Committee, led by Bamidele Salam, expressed disappointment and concern over IST’s financial management practices.
Salam emphasized that the Committee would not tolerate such infractions and directed the Tribunal to remit the specified amount to the federal government within 7 days.
The Committee also warned that failure to comply with the directive would result in further financial regulations sanctions.
The IST was also directed to provide evidence of remittance and to appear before the Committee again to explain the measures taken to prevent such infractions in the future.
Oduyemi Odumade, Edited By Shakira Alabi
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