The Central Bank of Nigeria (CBN) and Accountant General of the Federation (AGF), on Thursday, failed to explain how N596 billion in the Ecological Fund Account were spent between 1999 till 2015, just as the Senate Committee on Public Accounts summoned Secretary to the Government of the Federation, (SGF), Mr. Boss Mustapha, over the fund.
The Auditor-General of Federation, Anthony Ayine, had said amount totaling N596 billion were deducted from the Federation Account and transferred to the Ecological Fund between 1999 and December 2015.
The AGF also added that contrary to the provision of Section 5(4) of the Revenue Allocation Act which requires that an agency be established to manage the fund, no agency had been established.
The Committee chaired by Senator Matthew Urhoghide however asked the representative of Central Bank of Nigeria (CBN) and Accountant General of the Federation (AGF), Ahmed Idris to give explanation on the details of the Ecological Fund domiciled in the Apex Bank.
The AGF, in his response, told the lawmakers that the fund is domiciled in the Central Bank Account and money has been invested because it has a policy of not to re-invest the fund.
But the CBN said that they are not ready with the report pleading with the Committee to give them another day to submit the report for consideration.
The Chairman of the Committee thereafter demanded for the appearance of Secretary to the Government of the Federation adding that the apex bank should furnish the Committee with the statement of Account on Ecological Fund.
According to Urhoghide, “the Central Bank should come and furnish us with statement of account of the Ecological Fund. The SGF should come and brief us on the statement of account of the Ecological Fund.”
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