REPS PROBE N12 TRILLION DEVELOPMENT FUNDS
By: Safiya Abdulrahim Dabban
The House of Representatives has begun an investigation into the management of over N12 trillion injected into Nigeria’s Development Finance Institutions (DFIs) in the past seven years.
Chairman of the Ad-Hoc Committee, Chidi Mark Obetta, said the probe will examine how funds meant to drive industrialization, agriculture, SMEs, and infrastructure were utilized.
Speaker Tajudeen Abbas, represented by Deputy House Leader Halims Abdullahi, expressed concern that the DFIs have failed to meet their objectives despite huge funding, citing poor transparency and political interference.
He warned that any institution unable to justify its spending or show measurable impact would lose future budget allocations.
CBN Governor Yemi Cardoso, represented by Ibrahim Hassan, pledged full cooperation with the committee, while NEXIM Bank MD Abba Bello welcomed the probe as timely and vital for repositioning the institutions.