New Telegraph

Reps probe ministry over alleged $500m illegal spending

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

 

It is also to look into the spending by the CBN and the ministry over another extrabudgetary spending of about N700 billion from the same fund in contravention of Section 80 of the constitution, which stipulates, that such fund 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 Preshipment 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 export were 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

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