NEWS Reps probe CBN over N400bn in­ter­ven­tion projects

Daily Trust - - NEWS -

The House of Rep­re­sen­ta­tives has in­sti­tuted an in­ves­ti­ga­tion into the in­ter­ven­tion projects by the Cen­tral Bank of Nige­ria (CBN), which run into over N400 bil­lion.

The House man­dated its com­mit­tees on bank­ing and cur­rency, pub­lic pro­cure­ment and works to in­ves­ti­gate the le­gal­ity and pro­pri­ety of the trans­ac­tions and other re­lated mat­ters that the CBN went into.

Adopt­ing a mo­tion by Rep Toby Okechukwu (PDP, Enugu), the House said the CBN has been ex­e­cut­ing var­i­ous in­ter­ven­tion projects and other con­tracts in the ed­u­ca­tion and other sec­tors across the na­tion, run­ning into over N400 bil­lion.

The law­maker said, how­ever, that “in vi­o­la­tion of the pro­vi­sions of the Fis­cal Re­spon­si­bil­ity Act, only three of the 21 in­ter­ven­tion projects al­ready con­tracted or pro­cured by the CBN were prop­erly cer­ti­fied.”

He said al­though the CBN has been en­gag­ing “sev­eral con­sul­tants and con­trac­tors for the ex­e­cu­tion of th­ese in­ter­ven­tion projects,” the apex bank did not fol­low due process as pro­vided by the laws in do­ing so.

He ex­pressed con­cern about the source of funds for the projects and whether CBN was com­ply­ing with the pro­vi­sions of its act of 2007, Fis­cal Re­spon­si­bil­ity Act, 2011 and the fed­eral gov­ern­ment’s direc­tive re­gard­ing the Trea­sury Sin­gle Ac­count ( TSA).

The mo­tion was unan­i­mously adopted as Deputy Speaker Yus­suf Sulei­mon La­sun re­ferred it to the three com­mit­tees men­tioned ear­lier.

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