Reps stop NSIA’s 2022 budget over failure to defend proposals

The House of Representatives on Tuesday declared that there will be no budgetary allocation to the Nigerian Sovereign Investment Authority (NSIA) from the Federation Account in the 2022 financial year over failure to defend annual budgets since creation of the agency.

James Faleke, Chairman of the House Committee on Finance announced the decision at the budget defence session for the Ministry of Finance and its agencies at the National Assembly Complex, Abuja

Faleke said NSIA action was predicated on its enabling law which provides that the Board of the agency will approve its budget, stressing that the law does not or can not supersede the Constitution of the Federal Republic of Nigeria.

He said the House will write to the Office of the Accountant General of the Federation who was present for the budget defence to ensure money is released to the agency in the 2022 budget hence no fund has been appropriated for that purpose.

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“This agency of government has refused consistently to present their budget before the National Assembly. We have spoken to the MD and we advised him that it is against the Constitution. We have spoken with the Minister of Finance. It is against the Constitution and the Minister of Finance was never in support of that, that the agency must present their budget.

“Unfortunately, the agency is relying on its law, which says that its board shall approve its budget. I have told the agency that the law, whether made in error or rightly, is not superior to the Constitution.

“We are using this opportunity to inform that agency if they fail to present their budget. There would be no appropriation for that agency in 2022. We will make it clear, and we have made it clear. The Accountant General is here. We will write to you.

“There will be no disbursement of funds from any of the consolidated accounts to that agency. That is the opinion of the Committee”, Faleke said.