World Bank

The House of Representatives Committee on Public Account on Thursday in Abuja moved to unearth utilisation of 125 million Dollars borrowed from the World Bank by the Federal Government.

Rep. Wole Oke, Chairman of the committee, ordered signatories to the account of the Office of Auditor-General of the Federation (OAUGF) to appear before it to ascertain the utilisation.

Recall that the committee also summoned the Director-General of the Budget Office of the Federation, Mr Ben Akabueze, to explain the loans.

READ ALSO:Secure business interests of Nigerians to reciprocate FG’s gesture, Lawan tells South Africa

The committee also asked him to explain the grant amounting to 125 million dollars it collected from the World Bank, an amount that was not captured in the 2018 Appropriation Act.

Oke directed all collaborating Ministries, Departments and Agencies (MDAs) to appear before the committee.

The committee asked Akabueze to explain whether the office had access to the 36.1 million dollars through loans and grants in four years, adding that 200,000 dollars was disbursed to the OAUGF.

He said the document presented before the committee showed the list of beneficiaries of the loan, of which OAUGF was among, adding that the  125 million dollars was the total sum of loans received from the World Bank.

He further explained that 36.1 million dollars was the loan component while 1.2 million dollars was for grant, adding that the loan could also be spent on capital projects.

Akabueze said that the World Bank loans and grants were captured in the 2018 appropriations Act, stating that the Accountant-General of the Federation was aware of the World Bank loan.

Oke, however, urged the Clerk to write to the auditor-general’s office to furnish it with relevant documents concerning the World Bank loan.

Earlier, the Director of Fund, Accountant-General’s Office, Sabo Mohammed,  said the office did not receive the document apart from the committee’s letter requesting details of the 36.1 million dollars World Bank loan given to the auditor-general’s office.

Mohammed pleaded with the committee to give more time to enable the office to provide the required documents adding that as far as the office was concerned the money had not been accessed.


The committee, however, resolved that the accountant-general appeared before it to provide all relevant documents and explain issues surrounding the utilisation of the  loan.

Vanguard News Nigeria


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.