The House of Representatives panel asked to investigate the alleged mismanagement and diversion of N100bn in the North East Development Commission has said no fund is missing.
The joint House Committees on Finance, North East Development Commission, and Public Procurement laid their report at the plenary on Tuesday.
Chairman of the Committee on Finance, James Faleke, presented the report.
The House had on July 23, 2020, resolved to investigate the NEDC over alleged disappearance of N100bn released to it by the Federal Government.
The resolution 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’.
Consequently, the House mandated the Committees on Finance, Procurement and NEDC to “exhaustively investigate these allegations and report back in eight weeks.”
The House passed the resolution same day the parliament concluded investigation on the Niger Delta Development Commission over alleged illegal spending and mismanagement of funds.
The committees, in the report, 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.”
The House, however, rescheduled consideration of the report to Wednesday.