Reps demand details of external reserves, accrued interests

Lawmakers in the House of Representatives yesterday asked the Central Bank of Nigeria (CBN) to declare the particulars of accounts where Nigeria’s foreign reserves domicile, including accrued interests from such accounts in the last four years.

The lawmakers called on the apex bank to reveal the criteria for engaging all foreign managers of the accounts with an annual report of performance and compliance to guidelines set for the managers for the purpose of transparency.

In adopting a motion moved by Rep Abdussamad Dasuki (APC, Sokoto), members of the lower chamber consequently resolved to mandate the finance committee of the House to investigate the matter within two months.

Rep Dasuki told the House that “reasonable interests accrue from the surplus of funds held by the Central Bank of Nigeria on behalf of the federation which have not been monetized into naira and received by the federation from the CBN from the foreign accounts.

“Foreign fund managers are contracted by the CBN to manage the funds on contractual terms which are not subjected to public scrutiny or open competitive and transparent processes,” he said.

Even the establishment of the Nigeria Sovereign Investment Authority (NSIA), Dasuki noted, was meant to oversee the management of the excess crude account funds on behalf of the country.