N700bn Bail-out Fund, Reps Threaten Sanction Against CBN Governor Finance Minister

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According to reports, the House of Representatives yesterday threatened to invoke it’s constitutional powers against the Minister of Finance, Kemi Adeosun, Central Bank Governor, Godwin Emefiele and the Director General of the Debt Management Office (DMO), Dr. Abraham Nwankwo.


Chairman of the ad-hoc committee of the House, investigating the disbursement and utilisation of Federal government’s bail-out funds, Hon. Sadiq Ibrahim, issued the threat message while receiving representatives of the three government establishments.

The committee noted that the representatives were not competent enough to provide answers required.

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“The persons that appear before this committee are not competent to answer the questions we have for the CBN, DMO and the Ministry of Finance. The Minister, Governor of CBN and thee DG of DMO are obliged to be here in person,” Ibrahim said.

About 27 states of the federation benefited from over N700 billion bail out funds to pay salaries in the year 2015.

The committee noted that the agencies had failed to make relevant documents available for effective investigation, adding that letters written to the heads of the agencies gave them adequate time to prepare and appear before the House.

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According to Ibrahim, attitude of the agencies towards the execution of the assignment of the committee was an indication of the unwillingness of the executive to collaborate with the legislature.

“At a time when when the current administration is emphasising change, accountability and transparency in the conduct of public service, we are at a loss that the agencies has refused to avail documents in their domain to the parliament,” he said.

Ibrahim stated further that many of the beneficiary states failed to utilise the bail-out fund for the purpose for which the funds was released.

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Meanwhile, the House also directed it’s committees on procurement, National Security and Intelligence to investigate activities of the Presidential committee on procurement.

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