The Central Bank of Nigeria and the Accountant General of the Federation on Thursday, failed to explain how N596 billion in the Ecological Fund Account were spent between 1999 and 2015, just as the Senate Committee on Public Accounts summoned the Secretary to the Government of the Federation, Mr. Boss Mustapha, over the fund.
The Auditor-General of Federation, Anthony Ayine had disclosed that N596 billion was deducted from the Federation Account and transferred to the Ecological Fund between 1999 and December 2015.
The AGF also said that no agency has been raised to administer the fund as stipulated in Section 5(4) of the Revenue Allocation Act.
The Committee chaired by Senator Matthew Urhoghide asked the representative of Central Bank of Nigeria and Accountant General of the Federation, Ahmed Idris to give explanation on the details of the Ecological Fund domiciled in the Apex Bank.
The AGF told the lawmakers that the fund is domiciled in the Central Bank Account and money has been invested because it has a policy of not to re-invest the fund.
But the CBN said that they are not ready with the report pleading with the Committee to give them another day to submit the report for consideration.
The Chairman of the Committee thereafter summoned the SGF and asked the apex bank to furnish the Committee with the details of the account.