Lawmakers give ITF 24-hrs to account for missing N3bn

The House of Representatives Committee on Finance on Monday, has given the Industrial Training Fund (ITF), a 24-hour ultimatum to appear before it to account for over N3 billion missing funds which was allegedly traced to the account of the agency in the 2022 audited report of the Office of the Auditor General for the Federation.

The Committee, in continuation of its hearing on the Medium-Term Expenditure Framework and the Fiscal Strategy Paper, also warned the agency that if it failed to reconcile its account, it would have to refund the N3 billion to the Federal Government coffers.

During the hearing which had the Director of Finance and Accounts, Safiya Mansur of ITF, representing the agency, the Committee Chairman, James Faleke, queried the rationale behind the operating expenditure of N39.8bn in 2022 as against a total revenue of N45.1bn generated by ITF when it had only a staff strength of 2,691 nationwide.

“Compared to what you have in your audited report, there is an issue. The audited report is saying N4.11bn capital expenditure and your own is saying N1.4bn. I think that we have given you enough time to explain. By tomorrow (Tuesday), if you don’t give us where the over N3bn is, you will be forced to return that money.”

In defence of the agency, Mansur said the ITF sourced its revenue from a few companies out of about 128,000 registered in the fund.

According to the Director, the 128,000 registered companies contributed to the ITF, out of which only 57,000 are up to date in their contributions.

She said to ensure strict compliance, the ITF had intensified monitoring of the defaulting companies, but however, lamented that some of the companies took the agency to court, with the cases later resolved after the Committee of Finance in the last Assembly intervened.

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