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Senate to probe CBN's spendings

07 February 2014, 16:00

Abuja - The Senate has concluded plans to probe the alleged extra-financial dealings by the Central Bank of Nigeria between 2009 and 2013, reports Daily Trust

The move is fallout of a motion to be presented on the floor of the Senate by the Chairman of the Senate Committee on Rules and Business, Senator Ita Enang alleging breach of Section 80 (1) of the 1999 Constitution, which stipulates that all revenues raised or received by the federation shall be paid into the Consolidated Revenue Fund of the Federation.

Ita- Enang  had alleged that that the CBN spent over N240.2 billion on intervention projects between 2009 and 2013 whereas reports showed that only three of the 21 projects embarked upon by the CBN were certified by the Bureau of Public Procurement in accordance with the Fiscal Responsibility Act.

Read more at Daily Trust


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