The House of Representatives has mandated its Committee on Banking and Currency to investigate the disbursement of various intervention funds by the Central Bank of Nigeria (CBN). The Committee has also been charged with assessing the impact and performance of the various schemes undertaken by the CBN on relevant sectors of the economy. Some of the projects undertaken by the CBN and identified by the House of Representatives include the Commercial Agricultural Credit Schemes, Power and Aviation Sectors Intervention Fund , Micro Small and Medium Enterprises Development Fund, Real Sector Support Facility and Nigeria Electricity Market Stabilization Facility Fund. The intervention funds for the above projects amount to N200 billion, N300 billion, N220 billion, N300 billion and N213 billion respectively.
Moving the motion at the House plenary on 16th March 2016, Hon. Ayodele Oladimeji ( APC: Ekiti), stated that the said sums were part of the N2.02 trillion set aside by the CBN for operators in these sectors of the economy to access. Hon. Oladimeji also observed that despite expectations that the expeditious handling of such projects by the CBN will yield noticeable results, there has been no appreciable improvement in some sectors. For instance in the power sector, electricity supply continues to be epileptic in most part of the country. He also faulted the inability of many people to access the Micro Small and Medium Enterprises Development Funds, which is supposed to grow business, create jobs and empower people across the country. In his word, the intervention funds had failed to yield the expected economic development. He therefore urged CBN to adopt a process that would ensure that its targeted beneficiaries accessed these fund without impediments.
In support of the motion, Hon. Leo Ogor(PDP:Delta) was also of the view that the funds would boost the diversification of the economy and improve the living conditions of citizens.
The aforementioned Committee has been mandated to report back its finding to the House within six (6) weeks for further legislative actions.
