Investigate over N300bn ‘idle and investible’ funds in CBN, consultants charge Senate

Consultants to the Association of Local Governments of Nigeria (ALGON), Imo State chapter, Crincad & Cari Nig. Limited, has called on the chairman, Senate Committee on Finance, Senator Solomon Adeola, to investigate the more than N300 billion projected to be domiciled in the Central Bank of Nigeria (CBN) as part of accruals from the Treasury Single Account (TSA).

In a letter to the committee dated March 18, the Chief Executive Officer of the consulting firm, Ngozika Ihuoma, wrote: “We have noted the courage which the Buhari administration exhibited in ensuring full implementation of the Treasury Single Account (TSA) in 2015. “We are aware that his singular action freed the sum of N4.7billion monthly, which was being used to service ways and means paid to commercial banks holding government funds.” The consultants observed that the funds so freed by the TSA are strange to the 1999 constitution and should be expended with legal restraints.

The document read further: “We have observed that the full implementation of the TSA policy created ‘Idle and Investible’ funds at the CBN which fund is unknown to the 1999 constitution of Nigeria, as amended.” Ihuoma, therefore, prayed the committee to investigate circumstances leading to the creation of ‘idle and investible’ funds in the CBN being funds accruing to the Federation Account, which should be shared in line with extant laws and provisions of the 1999 constitution as amended.




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