Senate Queries SGF, AGF, CBN Over N596b Ecological Fund

Posted by African Examiner Featured, Latest Headlines, News Friday, February 14th, 2020

(AFRICAN EXAMINER) – The Senate has summoned the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha to explain details of the sum of N596bn ecological fund.

Similarly, the Legislative Chamber summoned the Accountant General of the Federation and the Governor of the Central Bank of Nigeria (CBN).

The invitation follows an audit query from the office of the Auditor General of the Federation.

The Chairman, Senate Public Accounts Committee, Senator Mathew Urhoghide, Thursday said the AGF and the heads of the two agencies were expected to explain how the sum – N596bn in the Ecological Fund Account since 1999 till 2015 was managed.

AGF, Anthony Ayine, had in the past disclosed that the amount was deducted from the Federation Account and transferred to the Ecological Fund between 1999 and December 2015.

He added 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 for that purpose.

At the meeting of SPAC with heads of some MDAs Thursday, Senator Urhoghide asked the representative of CBN and Accountant General of the Federation to give explanation on the details of the Ecological Fund domiciled in the apex bank.

In his response, the Accountant General informed the lawmakers that the fund was domiciled in the CBN Account, while the sum had been invested.

The CBN officials did not come to the meeting with relevant documents. Following this, the chairman of the committee asked the AGF to be invited while the apex bank should furnish the panel with the statement of Account on Ecological Fund.