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Reps probe CBN for alleged $500m illegal spending

The House of Representatives Tursday resolved to investigate the Ministry of Finance and the Central Bank of Nigeria (CBN) for engaging in extra budgetary spending of over $500 million from the Nigeria Export Supervision Scheme Fund.

 

It is also to look into the spending by the CBN and the ministry over another extra-budgetary spending of about N700 billion from the same fund in contravention of section 80 of the constitution which stipulates that such funds must be appropriated before being utilised.

 

The resolution was consequent upon a motion sponsored by Hon. Abdullahi Sa’ad Abdulkadir.

 

In his lead debate, Abdulkadir said that the Pre-shipment Inspection of Export Act of 1966 requires that prior to the export of any goods from Nigeria, it must be inspected by an Inspection Agent, which in turn is required to issue, where appropriate, a Clean Certificate of Inspection to the overseas buyer of the goods.

 

He said that both oil and non-oil exports are liable to pre shipment inspection in respect of their quality, quantity and price while the Inspection Agent is required to issue to the Exporter a Provisional Certificate of inspection.

 

The lawmaker noted that upon loading of the goods and conduct of a final inspection, where the goods satisfy the required thresholds as to quantity, quality and price, the inspection Agent will issue a Clean Certificate of inspection.

 

He maintained that in order to engender transparency in the administration of the Pre shipment inspection programme, the Act requires the Inspection Agent to send an original copy of the Clean Certificate of Inspection to the Federal Ministry of Finance (Federal Ministry of Finance, Budget and National Planning’, referred as ‘Federal Ministry of Finance) the Nigeria Customs Service, the Nigerian Ports Authority, the exporter, the exporter’s bank for transmission to the buyer’s bank overseas and the Central Bank of Nigeria.

 

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