Reps ask CBN, finance ministry to provide details of FG’s financial support to states

The house of representatives has asked the Central Bank of Nigeria (CBN) and the finance ministry to provide details of the federal government’s financial interventions in states from 2023 to date.

This excludes funds released through the Federation Account Allocation Committee (FAAC).

The lower legislative chamber passed the resolution on Tuesday after adopting a motion sponsored by Abdussamad Dasuki, a Peoples Democratic Party (PDP) lawmaker from Sokoto.

Moving the motion, Dasuki said the federal government, in addition to the FAAC, has continued to provide various forms of financial interventions to states and local governments to address fiscal challenges and support development initiatives.

He said such interventions include (but are not limited to) budget support facilities, infrastructure funds, ecological and emergency relief grants, and other discretionary or conditional support mechanisms.

The legislator said while these interventions are vital to addressing specific financial and developmental needs at subnational levels, the absence of a consolidated public record of the disbursements may undermine transparency, hinder effective oversight, and limit public accountability.

Dasuki said without detailed information on the nature, amounts, beneficiaries, and intended purposes of these interventions, it becomes difficult for the legislature to evaluate their effectiveness, monitor utilisation, and ensure alignment with national development objectives.

He said it is the constitutional responsibility of the national assembly to conduct oversight over public finance and to promote fiscal transparency and accountability across all levels of government.

Lawmakers voted in support of the motion when Benjamin Kalu subjected it to a voice vote.

The house also mandated the committees on finance, inter-governmental affairs, and public accounts to scrutinise the report upon submission.

The committee was also asked to engage relevant stakeholders to ensure transparency, accountability, and value for money, and report back within four weeks for further legislative action.