The House of Representatives panel has said no fund is missing contrary to the alleged mismanagement and diversion of N100bn in the North East Development Commission.
The joint House Committees on Finance, North East Development Commission, and Public Procurement, who were charged to investigate the allegation, laid their report at the plenary on Tuesday by the Chairman of the Committee on Finance, James Faleke.
The House had on July 23, 2020, decided to investigate the NEDC over it alleged disappearance of N100bn released to the commission by the Federal Government.
The resolved investigation was based on a motion moved by the Minority Leader, Ndudi Elumelu, titled, ‘Need to Investigate the Alleged Sleaze and Misappropriation of N100bn at the North East Development Commission’.
Therefore, the House ordered the Committees on Finance, Procurement and NEDC to “exhaustively investigate these allegations and report back in eight weeks.”
The resolution was announced on the day the House concluded investigation on the Niger Delta Development Commission over alleged illegal spending and mismanagement of funds.
In the NDDC’s report, the committees said, “The allegation was unfounded and a misrepresentation of facts as no corrupt practices existed in the North East Development Commission;
“Commend the North East Development Commission for its due diligence in the execution of the projects; and
“Urge the Federal Ministry of Finance to release the outstanding sum of N52,704,089,014.25 only due to the commission for effective execution of its projects.
“The commission should expedite action in the utilisation of the sum of N75,544,957,257.54 only already released to the commission during the 2020 fiscal year.”