Home Latest News CBN, AGF fail to explain details of N596b Ecological Account….As Senate summons...

CBN, AGF fail to explain details of N596b Ecological Account….As Senate summons SGF

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ADEKUNLE ADESUJI, Abuja

Central Bank of Nigeria (CBN) and Accountant General of the Federation (AGF) on Thursday failed to explain how N596 billion were deducted from the Ecological Account since 1999 till 2015, just as the Senate Committee on Public Account summoned Secretary to the Government of the Federation, (SGF), Boss Mustapha, over the fund.

The Auditor General of Federation, Anthony Ayine, had said various amount of money totalling N596 billion were deducted from Federation Account to 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 be agency had been established to manage the fund.

The Committee chaired by Senator Mathew 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 is a policy of not to re-invest the fund .

But, CBN said that said that they are not ready with the report pleading to the Committee to them another day to submit the report for consideration.

The Chairman of the Committee thereafter demanded for the appearance of Secretary General of the Federation adding that the Apex bank should furnish the Committee with the statement of Account on Ecological Fund.

According to Urhoghide, Central Bank should come and furnish us with statement of account; SGF should come and brief us on the statement of account of Ecological Fund.

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