Reps query N177bn FG’s issued bonds

By Joshua Egbodo

Abuja

House of Representatives has queried the unauthorized issuance of N177 billion bonds by the federal government.
Revelation of the issuance came up yesterday during an interactive session with the House’s Joint Committee on the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper ( FSP) by the Executive arm of government and was challenged by Chairman of the panel, who also heads Committee on Aids, Loans and Debt Management, Hon. Adeyinka Ajayi.
Director-General of the Budget Office, Ben Akabueze, had explained that the money was a projection of what the current administration was expecting at the maturity of the bond, when they would be issued, but the lawmaker described it as untenable
Members of the joint Committee which include Committees on Finance, Appropriation, Aids, Loans and Debt Management, Legislative Budget and Research, and National Planning and Economic Development, therefore, demanded to know from the Executive when the bonds were issued, the amount and who authorized the issuance, answers for which are expected from the Debt Management Office.
He said: “I noticed there was a document submitted by the Ministry of Budget and National Planning. For 2017, there was a provision for N177 billion to retire maturing bonds issued to local contractors.
“By that nomenclature, the bonds have been issued for you to want to retire it. The Parliament does not recollect the programme. Yes, we recollect a policy statement that we want to issue promissory notes for local contractors’ debts so that can liquidate it to make money, create jobs and return people to their jobs.
“That was a policy decision, but when you say to retire maturing bonds, that means those bonds have been issued. When were they issued? How much was issued? Those were the questions?”
In attendance were the Ministry of Budget and National Planning, the Federal Inland Revenue Service (FIRS), the Central Bank of Nigeria (CBN), Debt Management Office, Nigeria Customs Service, Nigerian National Petroleum Corporation (NNPC), Budget Office and the Department of Petroleum Resources (DPR).

 

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