The House of Representatives has issued the Industrial Training Fund (ITF) a 48-hour ultimatum to give an explanation on missing funds of up to 3 billion naira.

The Chairman of the Committee on Finance, JAMES FALEKE, gave the ruling during the continued hearing on the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) when the agency was unable to explain how the funds were utilised.

Similarly, the committee directed the Nigerian Electricity Regulatory Commission to explain within 72 hours why a company was licensed to provide metres.

The company is said to have received 39 billion naira from the Ministry of Power but still did not provide the metres.

The committee is concerned that a company which seemingly lacks the capacity to execute the project was licensed.

It also directed the Nigerian Communications Commission (NCC) to explain how it spent 291 billion naira in 2022 on broadband across the country as the committee questioned it on details of the provision of broadband services after the NCC said the services were provided to airports and markets.