Reps to probe CBN’s N400 billion intervention projects

IN a bid to ensure probity and accountability, the House of Representatives yesterday resolved to beam its searchlights on the Central Bank of Nigeria (CBN) whether it adhered to laid-down rules before carrying out various intervention projects ranging from N400 billion to N1 trillion in the last five years.

At the plenary session presided by the Deputy Speaker of the House, Suleiman Lasun Yusuf, the lawmakers particularly mandated its Committee on Banking and Currency to investigate the legality and propriety of various intervention projects and other contracts in the education and other sectors nationwide.

The Chukwudi Victor Jones-led committee is expected to report back to the lower legislative chamber on the issue within one month.

A member of the House, Mr. Toby Okechukwu, representing Aninri, Agwu, Oji-Uzo of Enugu State while moving the motion, claimed that the CBN violated the provisions of the Fiscal Responsibility Act in 18 of the 21 projects so far executed.

He also said the apex financial institution failed to follow due process as provided by law when it engaged consultants and contractors for the execution of the intervention projects.

The lawmaker noted: “I am concerned that the CBN awarded the contracts without the involvement of the Bureau of Public Procurement (BPP) as required in the Public Procurement Act 2007, Fiscal Responsibility Act 2011 and the Federal Government’s directive regarding the Treasury Single Account (TSA).

“We are worried that the source of funds for these intervention primes and whether the CBN is complying with the provisions of the CBN Act 2007, Fiscal Responsibility Act 2011 and the Federal Government’s directive regarding the (TSA).