Senate Committee launches probe; Accuses NIOMCO Of Wasting N1.4bn.
The National Iron Ore Mining Company (NIOMCO) have been accused of financial recklessness by the Nigerian Senate saying the establishment has nothing much to show for funds collected within the last 14 years.
On Thursday, the Senate committee on finance, At a meeting with authorities of NIOMCO has resolved that an ad hoc committee will investigate the budget of the the company from 2008 to date.
The committee observed that the agency had received capital since 2008, up to the sum of 1.4 billion naira capital released in 2022, and has nothing to show for its implementation.
It was also observed that despite receiving receiving billions of naira in recurrent and capital expenditure since 2008 the iron ore mining company does not generate any revenue for the country. Furthermore, the committee insisted that there will be no capital budget implementation extension beyond December 31st 2022 for all Ministries, Departments and Agencies.
(ChannelsTV)
