Reps Criticize Ministry Of Finance For Unauthorised Withdrawals

The House of Representatives Committee on Public Assets has criticized the Ministry of Finance Incorporated (MOFI) for unauthorized withdrawals from the budget for its operations.

The Chairman, Ademorin Kuye questioned MOFI’s Managing Director, Dr. Armstrong Takang, on the agency’s funding sources and legal basis for taking budget funds.

Takang’s presentation failed to provide satisfactory answers, leading Kuye to accuse MOFI of wasting the Committee’s time.

The Committee expressed disappointment with MOFI’s performance, citing reckless expenditure without revenue growth.

Kuye demanded documents on MOFI’s managed assets and funding sources within seven days.

The Committee also criticized MOFI for operating without proper legislation, questioning its mission to invest and preserve socioeconomic value through growth.

Kuye requested information on MOFI’s funding over the last five years, including amounts voted and purposes of expenditure.

He warned that MOFI’s time-wasting would not be tolerated, emphasizing the need for accountability and transparency.

Oduyemi Odumade, Edited By Grace Namiji