The House of Representatives panel asked to investigate the alleged mismanagement and diversion of N 100 bn 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 N 100 bn 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 N 100 bn 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 N 52, 704 , 089 , 014 . 25 only due to the commission for effective execution of its projects .
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“ The commission should expedite action in the utilisation of the sum of N 75, 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.
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