MTEF: Reps panel frowns on TCN’s spending, resolves to hold special probe

The house of representatives committee on finance has frowned on the duplicity observed in the expenditures of the Transmission Company of Nigeria (TCN). 

Abdullahi Saidu, chairman of the committee, while speaking at the 2023-2025 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) hearing on Monday in Abuja, expressed disappointment on the company’s financial documents.

Consequently, the committee resolved to hold a special hearing on TCN’s 2023-2025 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP).

The committee had earlier announced that the ongoing hearing would end on Thursday.

But Saidu said the extension was to enable Sule Abdulaziz, managing director of TCN, to appear in person. 

Ahmed Dutse, director of finance, TCN, had told the committee that the managing director lost his mother and took part of his annual leave to mourn the dead and would resume after 10 days.

Commenting on the documents submitted by TCN, Saidu said they were in disarray and that the committee was having difficulties putting them together.

He said there was repetition of expenditures with different figures in the documents submitted to the committee by TCN.

“I am seeing some confusion here, transport and travelling expenses N394 million on the first page and then you also have transport and traveling expenses N2.6 billion on the second page,” he said. 

“I can now understand why you said you are underfunded, with this kind of bonanza going on in TCN, no matter how much we give you, you will not be adequately funded.” 

On his part, John Dyeh, a member of the committee, observed that TCN spent almost N500 million on electricity charges alone.

He said it appeared the company wanted to spend all it generated so there would be nothing to remit into government coffers.

Dyeh added that the country was running out of oil, adding that oil revenue was now less than N3 trillion and the rest of the funds was generated from tax.

“If you are spending money like this, how do we get money to fund the budget, when you make little money and spend it like this; and we are borrowing N11 trillion to fund the budget,” he said. 

Earlier, Dutse told the committee that the TCN was poorly funded and it was affecting its operations, adding that in 2020, N130 billion was budgeted but only N7 billion was released.

He said in 2021, N105 billion was budgeted but only N6 billion was released and that in 2022, N168 billion was budget but only N6 billion was released.

Dutse also explained that the company had been surviving on its internally generated revenue (IGR).