CBN, NIPCO, Dangote, Lee Engineering Face Senate Wrath Over N130bn Gas Intervention Fund
NIPCO, Hyde and Dangote, Greenville LNG, Lee Engineering and other top 15 companies are to appear before the Senate Committee on Gas to explain the N130 Billion they received from the Central Bank of Nigeria as intervention fund from the Nigeria Gas Expansion Programme (NGEP).
The Senate Committee on Gas, which said the intervention by the CBN is irresponsible fiscal spending, asked the 15 companies to appear with their progress reports stating the location of the projects and the current status of the projects.
The breakdown of the disbursed funds to the companies showed that NIPCO Gas Limited received N25 billion; NIPCO Plc received N5 billion; Hyde Energy Limited received N2 billion; Delta State government N20 billion; Dangote N5 billion; Greenville LNG N10 billion; Gas Nexus N10 billion; Pinnacle Oil and Gas N10 billion; Lee Engineering N15 billion among others.
According to the letter signed by its Chairman, Senator Jarigbe Agom Jarigbe, the investigative hearing is scheduled for November 30, 2023
Prof. Wunmi Iledare, the Executive Director of Emmanuel Egbogah Foundation said that it is an art of fiscal irresponsibility of the Central Bank to dabble in fiscal spending policy.
“Engaging in effective and efficient monetary policy to manage inflation is the number one responsibility of the CBN. It is an Act of irresponsibility over the last decade to spend outside the approved budget of NASS by the central bank, honestly.
“This is just an investigation to show the money was used as directed and if not, they can demand a refund etc. It is the responsibility of the Senate to have an oversight function and they have the right to invite any citizen to testify on any issue affecting the Federation. Perhaps, you do not know that the NASS and Judiciary do not work for the Federal Government” Prof. Iledare said.
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