The Nigerian Senate has accused the National Iron Ore Mining Company (NIOMCO) of financial recklessness, saying the establishment has nothing much to show for funds it has continued to collect within the last 14 years.
At a meeting with authorities of NIOMCO on Thursday the Senate committee on finance has resolved that an ad hoc committee will investigate the budget of the the company from 2008 to date.
The committee observed that the agency which has been receiving capital since 2008, got 1.4 billion naira capital released in 2022, and has nothing to show for its implementation.
The Senate Committee also observed that the iron ore mining company does not generate any revenue for the country despite receiving billions of naira in recurrent and capital expenditure since 2008.
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Furthermore, the committee insisted that there will be no capital budget implementation extension beyond December 31st 2022 for all Ministries, Departments and Agencies.