NEWS Reps probe CBN over N400bn intervention projects

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.