House of Representatives to Probe CBN’s Intervention Funds

by on March 17, 2016
House of Representatives has disclosed its readiness to probe the various intervention funds by the Central Bank of Nigeria (CBN).
It also resolved to probe the inability of some state governments to access the Universal Basic Education Commission (UBEC) proj­ect funds across the country.
The resolution followed the adoption of two separate motions titled: “The Need to Investigate the Various Intervention Funds by the Central Bank of Nigeria” and “Urgent Need to urge States Defaulting in UBEC Funds to Step Up” sponsored by Hon Ayodele Oladimeji (Ekiti, PDP) and Hon Aisha­tu Dukku (Gombe, APC) respectively.
Oladimeji, in his debate noted that the CBN had con­tinued to sponsor various intervention projects run­ning into trillions of Naira, adding that the apex bank, whose primary role is to regulate other financial insti­tutions has regrettably taken over the role of the commer­cial banks.

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