The House of Representatives has announced that there will be no budgetary allocation to the Nigeria Sovereign Wealth Fund from Federation Account for the 2022 fiscal year.
Chairman of the House Committee on Finance, James Faleke made the position of the House known at the budget defence of the Ministry of Finance and its agencies on Tuesday.
He said the agency has failed to present its budget to the Parliament for consideration since it was created.
He stated that the Sovereign Wealth Fund has continued to rely on its enabling law, which states that the Board of the agency will approve its budget.
He said whether the law was made inadvertently, it cannot override the Constitution, which gives the power of appropriation to the Parliament.
He stated that the House will write to the office of the Accountant General of the Federation to ensure that no money is disbursed to the agency in the 2022 budget since nothing has been approved for them by the Parliament.