The Senate Committee on Public Accounts on Thursday summoned the Central Bank of Nigeria and Secretary to the Government of the Federation, Boss Mustapha, over N596 billion Ecological Fund deducted from the Federation Account between 1999 and 2015.
The summon followed queries raised by the the Auditor General of the Federation, Anthony Ayine, in his financial report for 2015, with the Accountant General for the Federation, Ahmad Idris.
The Committee, chaired by Senator Mathew Urhoghide, is currently looking into the statement of account of government agencies in the country.
Ayine told the lawmakers in his report that amount totaling N596 billion were deducted from Federation Account to Ecological Fund between 1999 and December 2015.
The AGF also added that contrary to the provision of section 5(4) of the Revenue Allocation Act, which requires that an agency be established to manage the fund, no agency had been established for the purpose.
Urhoghide however called on the representatives of the CBN and Idris to give explanation on the details of the Ecological Fund domiciled in the Apex Bank.
Both of them were unable to give explanation on the N596 billion.
The AGF said the lawmakers that the fund is domiciled in the CBN account and money has been invested because it is a policy of not to re-invest the fund.
But the CBN said it was not ready with the report, pleading with the Committee to give it another day to submit the report for consideration.
The Chairman of the Committee thereafter demanded for the appearance of Secretary General of the Federation, adding that the Apex bank should furnish the Committee with the statement of Account on Ecological Fund.
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