50 Questions: House Committee To Commence Public Hearing On Economy

The House of Representatives Committee on Finance is to begin a public hearing to dissect the response of the Coordinating Minister of the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala to its 50 questions.

Dr. Okonjo-Iweala had sent a reply to 50 questions posed to her in an earlier meeting with the committee, but the House members did not seem satisfied with her answers.

To this end, the Clerk of the Committee on Finance, Farouk Mustapha, said that the members are in receipt of the 102-page response, but a public hearing would commence where all concerned Nigerians would get information on the NNPC missing funds and other lapses found in the economy.

The Minister had been scheduled to meet with the committee in December 2013, but the proposed meeting degenerated into a disagreement between her and the Chairman of the House Committee on Finance, Abdul-Mumini Jibrin.

The Chairman had ruled that the Minister, who had said that she was feeling a bit sick, would be excused and should return at another date to meet with the committee.

The confrontation, however, ensued when the Minister insisted that she was ready to speak to the committee and the committee insisted that they stand by their ruling that the Minister should return on another date, presenting her with the said document containing the 50 questions.

The newly announced public hearing is expected to bring out the needed information to finally clear the air on the state of the nation’s economy.

No date has been announced for the hearing.

Non-Remittance Of N142.7 Billion: Reps Summon NNPC, 16 Agencies

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu, has been summoned by the House of Representatives Committee on Finance.

This time it is over the corporation’s alleged non-remittance of over N142.7 billion  to the Federation account as part of its internally generated revenue.

Also summoned are the Chief Executives Officers of all the 16 subsidiaries of the oil corporation, including the Nigerian Liquefied Natural Gas Company (NLNG) and the refineries.

The Chairman of the Committee, Abdulmumin Jibrin said the agencies must appear to clarify their inability to remit a backlog of internally generated revenue from between 2009 and July 2012 to the consolidated revenue fund as demanded by the fiscal responsibility act, 2007.

Reps reject Jonathan’s date to present 2013 budget

The House of Representatives today said it is not prepared to receive the 2013 budget that was to be presented by President Goodluck Jonathan on the October 4, 2012.

President Jonathan present the 2012 budget to a joint assembly in 2011

The House in a unanimous decision on Thursday, agreed that it would be violating provisions of the Fiscal Responsibility Act, if it receives the 2013 budget when the 2013-2015 medium term expenditure frameworks on which the budget should be premised had not been approved.

The Chairman of the House Committee on Finance had applied for an extension to allow the House complete its work on the medium term expenditure framework.

An appeal the Speaker of the House granted, even as he explained that the House will be suspending plenary for one week to enable its standing committees embark on physical inspection of capital projects in the 2012 budget across the country.

The Chairman of the House Committee on media, Honourable Zakari Mohammed was more emphatic about the lawmakers’ decision, saying, the date chosen by the president was “unrealistic”.