The House of Representatives on Tuesday urged the Minister of Finance, Wale Edun, and the Central Bank of Nigeria Governor, Oleyemi Cardoso, to submit a detailed report of all financial aid granted to states and local governments.
This is aside from the statutory monthly allocations distributed through the Federation Account Allocation Committee, from 2023 to date.
The resolution of the House was sequel to the adoption of a motion at plenary, moved by Sokoto lawmaker, Abdussamad Dasuki, who raised concerns over the absence of transparency and public access to information on financial advances to states and local governments by the Federal Government.
Recall that over the years, the Federal Government introduced different financial intervention initiatives aimed at addressing the effects of economic policies and supporting infrastructure development at the lower tiers of government.
Aside from disbursements from the Federation Account, other intervention schemes include budget support loans, infrastructure development funds, and ecological and emergency relief grants, as well as other conditional and discretionary aid.
Although these interventions have gone a long way in addressing pressing challenges, including payment of salaries at the state and local government levels.
There is no central public record showing the total sums involved, beneficiaries, or the timeline of releases.
This lack of documentation, according to Mr Dasuki, has raised trust issues, making the oversight function of public institutions difficult.
He said, “The lack of an open and verifiable record of these financial interventions raises valid concerns about fiscal transparency and accountability.
“It is our constitutional responsibility as lawmakers to ensure that public funds are properly tracked and used in the best interest of Nigerians.”
He stated that the lack of transparency not only hinders effective monitoring but also makes it difficult for citizens to measure the developmental outcomes of such financial support
(Punch)
