Governor of Central Bank of
Nigeria, Godwin Emefiele, is expected to appear before the Senate Committee on
Finance on Monday (today).
Emefiele is expected to come
forward with detailed explanations on the rationale behind the exchange rates
the CBN used for three key projects under the Presidential Infrastructure
Development Fund.
The multi-billion-dollar projects
are being funded with the Nigeria Sovereign Investment Authority.
The PDF was earmarked from
dollar-denominated Sovereign Wealth Fund to partly fund the Lagos-Ibadan
Expressway, Second Niger Bridge, Abuja-Kano Expressway, East-West Road and
Mambilla Hydro Project.
The first three projects had
already been funded to the tune of N163.8bn.
The Chairman, Senate Committee on
Finance, Senator Solomon Adeola, announced the summons in a statement on Sunday
by his Special Adviser on Media, Chief Kayode Odunaro, The Punch reports.
Adeola demanded the appearance of
the CBN governor during an interactive session between the panel and the
Managing Director of NSIA, Mr Uche Orji.
The statement explained that Orji
and his management team had told the committee that the contracts for the
projects were denominated in naira and that the CBN exchange rate for the
disbursed fund was N325 to a dollar instead of the official rate of N305.
The Committee Chairman said,
“This committee will like to see the contract documents for these projects and
why the exchange rate for the dollar to naira was at N325 to a dollar instead
of the official rate of N305 in a government to government transaction for
these key infrastructure projects.
“We are not indicting the NSIA or
conducting an investigation or probe of the CBN but we like to know the reason
this different rate was used but we are inviting the CBN to appear together
with the NSIA on Monday.”
Adeola commended the NSIA for
what it has done so far in terms of funding healthcare, education,
infrastructure and investment in fertiliser production.
He, however, called for caution
in disbursement even as he sought more investment in diverse areas to grow the
$1.5bn Sovereign Wealth for its contributors like the Federal Government, state
governments, local governments and the FCT to reap the benefits of its
establishment.
Senator Ayo Akinyelure, while
supporting the need for clarifications from the CBN on the exchange rates in
the affected transactions, stated that the NSIA might have been shortchanged.
He added that the rates might
explain the seemingly slow progress, delay and noncompletion of the key
projects as some aspects would be based on the import of materials that are
denominated in dollars purchased at the higher bureau de change rates.
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