The House of Representatives Committee on Finance, yesterday, told the Corporate Affairs Commission (CAC) that its 2022 budget would only be passed if it tenders proper financial records.

Its chairman, James Faleke, insisted that except the commission submits the relevant financial documents from 2016 to 2020, it should

forget next year’s budget.

He, therefore, directed the Budget Office of the Federation not to entertain any budgetary request from CAC until it clears its records with the panel.

Faleke made the pronoucement after the Registrar General of the commission, Abubakar Garba, made a submission at the ongoing interactive session on 2022-2024 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) in Abuja.

The chairman said the documents, submitted by the commission, indicated that its revenue had been lower than its expenditure during the period under review.

According to him, budgetary performance in 2021 has already put the commission in deficit due to its spending, which he said, was not good for the organisation and overall financial status of the country.

His words: “I have worked in private organisation before coming to the House of Reps, and they will always regulate their expenses and not spend beyond what they generate.

“In your case, you borrow money upfront even before the money comes, therefore, you will have to submit your 2016-2020 financial report before you are granted an audience for 2022 budget.

“You expended what you do not generate. This agency needs a total overhaul to turn it back to what is supposed to be.”

“Today, all the registration is done online, yet you are still carrying unbearable overhead. Things need to change.” Garba had told the panel that most of the expenditure was used to settle outstanding liabilities, explaining that as at 2020, CAC had N2.024 billion in liabilities.