The Nigerian Senate has launched an investigation into the reported disbursement of N14 billion as a salary increment to all Nigerian Security Printing and Minting Company (NSPMC) employees.
The allocation was purportedly approved by the NSPMC board without the required authorization from the National Salaries, Incomes, and Wages Commission (NSIWC).
Ahmed Wadada, Chairman of the Senate Public Accounts Committee, made this announcement during a hearing in which the NSPMC management was called upon to address questions regarding the agency’s actions as outlined in the 2019 audit report.
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The report alleged that the NSPMC board greenlit a N14 billion fund to augment staff salaries and allowances between 2016 and 2019, all without the necessary approvals.
In a written statement, Alhaji Ahmed Halilu, the Managing Director of NSPMC, argued that the company, being registered under the Companies and Allied Matters Act (CAMA), did not require approval from the NSIWC.
However, he later acknowledged before the Senate committee that failing to obtain the NSIWC’s authorization prior to implementing the salary and allowances increase was an error.
Senator Nwebonyi Onyeka has called for the reimbursement of the misappropriated funds to the Federal Government’s treasury.