2022 Budget won’t be approved till submission of 2016-2020 financial reports – Reps to  CAC

The House of Representatives has blasted the management of Corporate Affairs Commission (CAC), said that there would be no 2022 budgetary approval until its submitted its financial report from 2016 to 2020.

Rep James Faleke, Chairman, House Committee on Finance said this on Tuesday in Abuja at the public hearing of 2022 to 2024 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

Faleke called the attention of the Budget Office not to grant the commission any budgetary request until it cleared with the committee.

He said that the 2021 budgetary performance of CAC had already put it in deficit, adding that such spending would not augur well for the financial status of the country.

“I have worked in private organisation before coming to the House of Reps, and they will always regulate their expenses and not spend beyond what they generate.

“In you case, you borrow money upfront even before the money comes, therefore, you will have to submit your 2018 -2020 financial report before you are granted audience for 2022 budget,” Faleke said.

He added that from the documents submitted to the committee by the commission from 2016 to 2020, its revenue had always been lower than expenditure.

“You expended what you do not generate, this agency needs a total overhaul to turn it back to what is supposed to be.

“Today, all the registration are done online, yet you are still carrying unbearable overhead, things need to change,” the committee stated.

However, the Registrar-General Abubakar, of CAC, Alhaji Abubakar  noted that most of the expenditures by the commission were settlement of liabilities.

He stated that a at 2020 they had a liability of N2.024 billion, adding that the commission’s record was cleared and it had not been cooking its book as insinuated by a member of the House.