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Reps To Probe CBN Over N400bn Intervention Projects

The House of Representatives yesterday resolved to investigate the level of compliance by the Central Bank of Nigeria (CBN) with relevant laws in its various intervention projects across the country running into over N400 billion.
Consequently, the House mandated its Standing Committee on Banking and Currency to probe the legality and propriety of the contractual transactions by the CBN and other related matters, and report back to the House in four weeks for further legislative action.
The resolution followed a motion sponsored by Hon. Toby Okechukwu at plenary, calling for the investigation of CBN intervention projects as regards compliance with due process.
He had noted that the CBN has executed and continues to execute various intervention projects and other contracts in the education and other sectors across the country, adding that the apex bank has however violated the provisions of the Fiscal Responsibility Act as only three out of the 21 of such projects already contracted by the CBN were properly certified.
“CBN did not follow due process as provided in the laws in the engagement of the consultants and contractors for the execution of these intervention projects.
“The CBN awarded the contracts without the involvement of the Bureau of Public Procurement 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 to the rule of law.
“The source of funds for these intervention projects and whether the CBN is complying with the provisions of Central Bank of Nigeria Act, 2007, Fiscal Responsibility Act, 2011 and the Federal Government’s directive regarding the Treasury Single Account,” he said.

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