Tambuwal raises alarm over dwindling power and airline intervention fund

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BY EMMAN OVUAKPORIE & LEVINUS NWABUGHIOGU

Electricity-newABUJA—Speaker of the House of Representatives,  Aminu Tambuwal yesterday raised alarm  over the  N300 billion power and airline intervention fund that  has suddenly  dwindled to N100 billion.
The Speaker then directed its adhoc committee to investigate the mystery behind the disbursement of the fund to ensure that a forensic audit is carried out.

The speaker who stated this during the  opening ceremony of the public hearing organised by the ad hoc committee on the disbursement of public funds by Bank of Industry Limited,BOI, under the power and airline intervention fund as established by Central Bank of Nigeria, CBN, stated that the legislature was to ensure that the funds were not subjected to  waste or corruption.

Tambuwal hinted that the house has resolved at all time to investigate any matter that undermines the growth of the federation.
He said, “We shall continue to devote attention to situations where the action of government or any of its agencies infringe on the constitution”.

Tambuwal explained that  “by some accounts, the volume of this fund which originally amounted to about N300 billion has now dwindled to less than N100 billion.
Officials at the investigative hearing  claim that the sum of over N200 billion have been disbursed through deposit money banks to certain individuals and corporate organisations without following due process”.

“You will agree with me that we have a very serious issue here which falls within the precincts of the constitutional mandate given to the National Assembly that all revenues belonging to the federation, must be paid into the consolidated revenue fund, and withdrawals therein shall only be carried out solely upon the authority of an Act of the National Assembly”, he said.

 

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