No financial records on sold FG houses, says Fiscal Commission

The Fiscal Responsibility Commission (FRC), the agency charged with monitoring the use of public funds in government establishments, says it has no financial records on sold government houses.

In a report made available to newsmen in Abuja on Monday, the commission said that efforts to obtain record of transactions on the sale of houses from the Presidential Implementation Committee have been unsuccessful.

“So far, in spite of concerted efforts by the commission, there has not been any record of transactions for the sale of Federal Government houses.

“The Presidential Implementation Committee is not forthcoming, while communication is on-going with the Bureau of Public Enterprises over the privatisation proceeds of a number of government companies,” the agency said.

In 2002, the Federal Government in its efforts to reduce the cost of governance introduced a monetisation policy for public servants.

Under the monetisation policy, public servants, particularly in Lagos and Abuja, were encouraged to own houses by bidding for property hitherto owned and managed by the Federal Government.

Kola Adeyemi, Secretary of the committee, said that enquiries on proceeds from the sale of the houses should be directed to the Minister of Housing and Urban Development, Amah Pepple, who is also chairman of the committee.

Mr. Adeyemi who heads the secretariat of the committee located in a rented building in Edo House, Central Area Abuja, said, “any public servant can only talk after clearance from his principal”.

Spokesman of BPE, Chukwuma Nwoko, confirmed that the FRC had requested information on the proceeds from sold government companies.

He said the agency is willing to oblige them with the report.

Mr. Nwoko said gross proceeds from the direct sale of public enterprises between 1999 and August 2011 amounted to N249.4 billion, out of which N146.18 billion was remitted to the Federation Account.

He said from the proceeds, the privatisation agency spent N103.84 billion to settle staff salaries and terminal benefits of workers of the privatised firms while other “transaction expenses’’ gulped N23.9 billion.

The spokesman put the net proceed, during the period under review at N121.6 billion.


Support PREMIUM TIMES' journalism of integrity and credibility


Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: New Discovery! Click Here To See A Miracle Device That Can Cure DIABETES, BLOOD PRESSURE, STROKE, ARTHRITIS, PAINS, OBESITY And 50 Other CHRONIC DISEASES Without Drugs Or Herbs.. Click Here Now To See It

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.