Yesterday, the Senate initiated an inquiry into the reported disbursement of N14 billion in salary increases to all employees of the Nigerian Security Printing and Minting Company (NSPMC) by the agency’s board without obtaining the necessary approval from the National Salaries, Incomes, and Wages Commission (NSIWC),Daily Trust report.

During a hearing before the Senate Public Accounts Committee, Chairman Ahmed Wadada made this announcement as the NSPMC management was called upon to address concerns raised in the 2019 audit report.

According to the report, the NSPMC board allegedly sanctioned a N14 billion allocation for salary and allowance enhancements for staff members from 2016 to 2019 without the requisite approvals.

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In a formal statement, NSPMC’s Managing Director, Alhaji Ahmed Halilu, contended that the company was not obligated to seek approval from the NSIWC since it was registered under the Companies and Allied Matters Act (CAMA).

Nonetheless, Halilu later acknowledged the oversight of failing to obtain NSIWC’s approval before implementing the salary and allowance adjustments during his testimony before the Senate committee.

Senator Nwebonyi Onyeka firmly maintained that the misallocated funds must be reimbursed to the Federal Government’s treasury.


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