Reps investigate CBN over N400bn intervention projects

Reps investigate CBN over N400bn intervention projects
By Our Reporter  on October 30, 2015   Business, National
From Kemi Yesufu and Fred Itua, Abuja
House of Representatives yesterday directed its committee on Banking and Currency to investigate the legality of the N400 billion contractual transactions and other related matters by the Central Bank of Nigeria (CBN) for its intervention projects.
 The committee is to report back to the House in four weeks for further legislative action.
 This resolution by the House followed a motion on the need to investigate the level of compliance by the CBN with the laws in its various intervention projects, sponsored by Toby Okechukwu.
 Okechukwu stated that the CBN had executed various intervention projects in the educational sector as well as other sectors across the country running into over N400 billion of taxpayers’ money. He 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.
 He queried the source of the funds for the intervention projects, and also raised a poser on the apex bank’s compliance with the provisions of the Central Bank of Nigeria Act, 2007, Fiscal Responsibility Act, 2011 and the Federal Government’s directive regarding the treasury single account.