The House of Representatives Committee on Finance has commenced an investigation into the finances of the National Agency for the Control of Food and Drug Administration and Control (NAFDAC) over what it described as revenue under-declaration.
James Faleke, chairman of the House committee on finance, who stated this during a meeting with government agencies, directed NAFDAC to bring forward its bank statements and other relevant records on April 5, 2022, when it is expected to appear again.
“You have to bring all your bank statements, your records because we have the suspicion that your income is more than what is being recorded. It is more than what you are showing us. We will give you time to come back on April 5 and we expected that the accountant-general and budget offices would be there,” Faleke said.
Mojisola Adeyeye, the director-general of NAFDAC had earlier in her submission said the agency generated N4.8 billion in the last quarter of 2021 but remitted N1.3 billion, while the N3.8 was used for the running of the agency.
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A member of the committee raised an observation that the agency in its submission declared 25 percent of N1.2 billion revenue amounting to N818 million instead of around N300 million.
The NAFDAC DG attempted to explain that the development was because the Federal Government deducted the percentage from source which includes other funds that are not revenue.
However, the committee’s chairman disagreed, saying it was either the total revenue was more than the sum being recorded or a calculation error.
He said the committee was out to monitor the remittance of expected revenue to the coffers of the government, adding it was not a witch-hunt but an effort to improve the economic health of the country
While stressing that all agencies must comply, Faleke said the committee would carry out its duty without fear or favour.
