Reps probe N4bn CBN Intervention Projects

FX trading goes live through FMDQ by August

The House of Representatives Thursday mandated its committee on Banking and Currency to investigate the legality and propriety of contractual transactions and other related matters carried out by the Central Bank of Nigeria (CBN) in the last five years.

Reps probe N4bn CBN Intervention Projects

The committee is expected to report its findings to the House in four weeks for further legislative action.

This resolution by the House followed a motion entitled “need to investigate the level of compliance by the Central Bank of Nigeria (CBN) with the laws in its various intervention projects” sponsored by Rep. Toby Okechukwu.

The lawmaker, who said that the CBN has continuously executed various intervention projects in the educational and other sectors of the Nigerian economy running into over N400 billion of tax payers money, added that the CBN did not follow due process as provided in the laws for the engagement of consultants and contractors for the execution of these intervention projects.

“The CBN awarded the contracts without the involvement of the Bureau of Public Procurement (BPP) as required in the public procurement act, 2007, which runs contrary to the Federal Government’s policies and determination to curb economic waste, ensure accountability and strict adherence of the rule of law, “he said.

Rep. Okechukwu queried the source of the funds for these intervention projects and wondered if the CBN was complying with the provisions of the Central Bank of Nigeria Act, 2007, the Fiscal Responsibility Act, 2011 and the Federal Government’s directive regarding the treasury single account.

The House presided over by the Deputy Speaker, Rep. Yusuff Lasun ruled that the matter be referred to the committees on Banking and Currency and Works.

Addressing journalists after plenary, the lawmaker said “we are also looking at their ways and means, it is not just a matter of getting money to intervene in projects?

“They are getting involved in what ordinarily belongs to other sectors and the prudence of it is a big question; due diligence completion of those projects is a big question.

“We simply asked the committee like a laser; go in and find out to what extent these interventions complied with the law and to what extent these monies has been judiciously applied. We want the committee to look in if it offends the law or not”.

NNN.COM.NG is a portal where you can read latest Nigeria News from all Nigeria Newspapers such as such as Punch, Vangaurd, Daily Times, Thisday, Guardian, Nation, Leadership and more in one place. NNN aggregates Naija News and sort them according to their sources, category and relevance as a way of reducing the effort a news reader needs to put in to reading breaking news in Nigeria and across the world.