The House of Representatives has decided to look into the allegedly unlawful auctioning of the country’s property by several Federal Government entities.
Nigeria Ports Authority, Nigeria Maritime Administration and Safety Agency, Nigeria Railway Corporation, River Basin Development Authority, and Nigeria Customs Service are among the organizations.
Following the approval of a proposal put up by Oluwole Oke from the state of Osun, the Green chamber adopted the resolution on Thursday at the plenary session.
Oke made his motion and stated that the Financial Regulations Act of 2009 and the Public Procurement Act of 2007 both provide clear explanations of the procedures for selling off and auctioning off government property.
Additionally, he said that the 1999 constitution adequately mandates that any proceeds from the sale or auction of public property must be transferred to the consolidated revenue fund.
The senator said that the assets put up for auction by the Federal Ministry of Works should be properly valued, with information on the asset’s initial purchase price, acquisition date, and market worth.
Oke complained to his coworkers that public property has been sold off at auction by NPA, NIMASA, NRC, RBDAS, and NCS “at a ridiculous price” and without obeying the law.
He added that it is against the constitution to just partially or not at all send earnings from the sale of public property into a consolidated revenue stream.
The lawmaker warned that if the practice is not stopped, it might interfere with the federal government’s efforts to meet the mounting demands for quick infrastructural progress.
Speaker of the House Tajudeen Abbas presided over planetary and put the move to a voice vote, which resulted in the motion being approved.
In order to “unravel the extent of illegal auctioning of public property, and non-remittance of revenue realized into CRF,” the lawmakers decided to form an ad hoc committee to look into how the agencies used public property between 2010 and 2022. The committee was mandated to submit a report to the lawmakers within four weeks for further legislative action.