Friday 30 October 2015

House of Reps to investigate N400billion CBN intervention projects

Central Bank of Nigeria
The House of Representatives, on Wednesday, mandated its committees on Banking and Currency and Works to investigate N400 billion expended by the Central Bank of Nigeria (CBN) on intervention projects in the country and report back to the House in four weeks for further legislative action.

The House resolution was sequel to a motion moved by Honourable Toby Okechukwu, entitled: “Need to investigate the level of compliance by the CBN with the laws in its various intervention projects.”

Honourable Okechukwu, while moving the motion, noted that “CBN has executed and continued to execute various intervention projects in the education and other sectors across the country, running into over N400 billion of taxpayers money.”

He, however, alleged that 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.

According to him, “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.”

To this end, he 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, Fiscal Responsibility Act 2011.

When the motion was put to vote by the Deputy Speaker, Honourable Yusuff Lasun, who presided over the session, it was unanimously supported by members.

Credit: Nigerian Tribune

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