During the tenure of Bola Tinubu’s administration, it is expected that the Federal Government will diligently repay a $3.4bn outstanding debt owed to the International Monetary Fund (IMF), as reported earlier by Saturday PUNCH. The repayment will span between 2022 and 2026, with the aim of settling the $3.4bn loan in its entirety.
According to information acquired from an IMF webpage titled ‘Nigeria: Financial Position in the Fund as of July 31, 2023,’ there remains an outstanding balance of $3.19bn, which will be gradually reimbursed during the current administration’s term.
The IMF provided Nigeria with an emergency financial assistance package of $3.4bn in April 2020. This loan was app…
[22:07, 19/08/2023] Chijioke Ogbodo: Accountant-General, EFCC, and others summoned by Representatives for failing to remit housing funds
The House of Representatives Ad hoc Committee on Non-remittance of the National Housing Fund (NHF) and the utilization of the fund from 2011 has taken a step further by summoning key stakeholders for an investigative hearing. The committee, led by Rep. Dachung Bagos, announced that the hearing will commence on August 23. In a memo released in Abuja on Saturday, Bagos also mentioned that the committee would be inaugurated by the speaker of the House, Rep. Tajudeen Abbas, on Wednesday.
Several important figures have been invited to participate in the hearing as critical stakeholders. These include the Head of Civil Service of the Federation (HoCSF), the Federal Mortgage Bank of Nigeria (FMBN), the Accountant-General of the Federation, and the Auditor-General of the Federation. Their presence and cooperation are considered crucial in shedding light on the non-remittance of the National Housing Fund and the utilization of the fund over the past decade.
The purpose of this investigative hearing is to address concerns related to the NHF, particularly the failure to remit the funds as required. The committee aims to examine the utilization of the NHF from 2011 onwards, identifying any discrepancies or irregularities that may have occurred. By summoning these key stakeholders, the committee seeks to gather insights, explanations, and evidence to facilitate a comprehensive investigation into the matter.
Rep. Dachung Bagos emphasized the importance of this hearing and the need to ensure accountability in the management and utilization of the National Housing Fund. The committee is determined to uncover the truth and take appropriate actions based on their findings. It is expected that the summoned stakeholders will provide the necessary information and cooperate fully with the committee’s proceedings.
As the hearing is set to begin in August, all eyes will be on the House of Representatives and the outcomes of this investigation. The committee intends to conduct its proceedings in a fair and transparent manner, ensuring that all parties involved have an opportunity to present their perspectives and contribute to resolving the issue of non-remittance of housing funds.
In addition to the previously mentioned stakeholders, the chairman of ICPC, the acting chairman of EFCC, and the Surveyor-General of the Federation have also been summoned to participate in the investigative hearing. The inclusion of these additional individuals highlights the committee’s commitment to a comprehensive examination of the non-remittance of the National Housing Fund.
To facilitate the investigation and gather crucial information, Rep. Dachung Bagos has urged the affected institutions and government officials to submit memorandums and any other relevant documents to the committee’s secretariat. This call for cooperation emphasizes the committee’s dedication to conducting a thorough and evidence-based investigation.
The involvement of these key stakeholders, including the heads of ICPC and EFCC, underscores the gravity of the matter and the need for a meticulous examination of the issues surrounding the non-remittance of housing funds. The committee aims to leave no stone unturned and expects full cooperation from the involved parties in providing valuable insights, clarifications, and supporting evidence.
As the investigation proceeds, the committee will work diligently to gather all relevant information, conduct interviews, and assess the submitted documents. The committee’s secretariat will serve as a central hub for collecting and organizing these materials, ensuring a systematic and comprehensive approach to the investigation.
The National Housing Fund is a critical institution that plays a key role in addressing housing challenges in the country. Therefore, the House of Representatives, through this ad hoc committee, is committed to ensuring accountability, promoting transparency, and safeguarding the effective utilization of the fund for the benefit of all Nigerians. NAN
