The House of Representatives has vowed not to approve the 2022 budget of the Corporate Affairs Commission (CAC) until it submits its financial report from 2016 to 2020.

James Faleke, Chairman, House Committee on Finance said this on Tuesday in Abuja at the public hearing of 2022 to 2024 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

“I have worked in private organisations 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 2018-2020 financial report before you are granted an audience for the 2022 budget,” Mr Faleke said.

The lawmaker called the attention of the Budget Office not to grant the commission any budgetary request until it cleared with the committee.

He said that the 2021 budgetary performance of CAC had already put it in deficit, adding that such spending would not augur well for the financial status of the country.

He added that from the documents submitted to the committee by the commission from 2016 to 2020, its revenue had always been lower than expenditure.

“You expended what you do not generate, this agency needs a total overhaul to turn it back to what it is supposed to be. Today all the registration is done online, yet you are still carrying unbearable overhead. Things need to change,” the committee stated.

However, the Registrar-General of CAC, Garba Abubakar, said that most of the expenditures by the commission were settlement of liabilities

He stated that as at 2020 they had a liability of N2.024 billion, adding that the commission’s record was cleared and it had not been cooking its book as insinuated by Mr Faleke.