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Senate Queries CBN, Accountant-General over Failure to Account for ₦596bn Ecological Fund
The Central Bank of Nigeria (CBN) and the Accountant General of the Federation on Thursday when they appeared before the Senate Committee on Public Accounts could not explain how ₦596 billion ecological fund was spent from 1999 to 2015.
While the accountant-general said the fund was domiciled in the apex bank, and that the money has been invested, the CBN pleaded for more time to submit records of the funds.
By asking for the records, the committee had acted upon the report by the Auditor-General of Federation (AuGF), Anthony Ayine, that between 1999 and 2015, a total of ₦596 billion was transferred from the treasury into the ecological fund account without proper accounting.
Mr Ayine had said, contrary to the provision of Section 5(4) of the Revenue Allocation Act which requires that an agency be established to manage the ecological fund, no agency had been established to manage it.
Rather, he added, the National Committee on Ecological Problems (NCEP) is the body responsible for handling ecological problems in the country.
NCEP is domiciled under the Office of the Secretary to the Government of the Federation (SGF) and has its Chairman as the Minister for Environment, Housing and Urban Development.
Thereafter, the Senate committee chairman, Matthew Urhoghide, summoned the Secretary General of the Federation (SGF), Boss Mustapha, while also asking the CBN to submit the statement of ecological fund account to the committee.
“The Central Bank should come and furnish us with the statement of account of the Ecological Fund. The SGF should come and brief us on the statement of account of the Ecological Fund,” Mr Urhoghide said.
Other queries
Meanwhile, the Custom Service and the Federal Inland Revenue Service (FIRS) were also indicted for contravening Pension Reform Act, 2014, which requires them to remit 5 per cent of their contributory pension to the National Pension Commission (PenCom).
The accountant-general, Ahmed Idris, in response, said: “The noncompliance of the remittance of 5 per cent of the contributory pension (by the custom service, for instance) was as a result of insufficient funds. Also, I wish to state, as funding improves, the service will comply accordingly.”
“We always engage the agencies themselves on the basis of issues raised by the auditor-general of the federation. This is the response from the Custom service as documented. We don’t want to start changing their responses.
“It’s like we are answering their own questions. Nigeria Customs, with due respect, stands to explain their responses. We are here on their behalf and we are reading their responses. Their response is a very dishonest one. If you are capable of paying salaries, why should it be difficult for you to pay 5 per cent.”
Displeased about the response of the Customs Service, Chairman Urhoghide said the committee would not take noncompliance to an act of parliament by agencies. However, due to the absence of representatives from the Custom Service, the matter was stood down.
“It’s unfortunate that the Nigerian Customs would tell us this. This is a contributory pension for their own retirees and they say they don’t have the money to contribute,” a dissatisfied Mr Urhoghide said.
“In fact the two of them — Custom Service and FIRS — get 7 per cent and 4 per cent for their own operations and they say they don’t have the money.
“Pay 5 per cent so that you can secure the future of your entire workers and you say you don’t have the money? It’s totally untrue. When other little organizations are making their contributions, you are the ones saying you don’t have the money.”
Premium Times
Despite signs of improving macroeconomic stability, the International Monetary Fund (IMF) has argued that many Nigerians continue to face significant economic hardship as high prices and cost-of-living pressures weigh on households.
In its latest assessment of the Nigerian economy, the Fund acknowledged that ongoing reforms have helped strengthen macroeconomic fundamentals, including improved foreign exchange market stability. and stronger external reserves.
It, however, noted that the benefits of these reforms have yet to fully translate into improved living conditions for many citizens.
The IMF projected Nigeria’s economy to grow by 4 percent in 2025 and 4.1 percent in 2026, supported by policy reforms and improving economic conditions. However, the Fund warned that inflation and rising living costs remain major challenges to inclusive growth.
Recent data from the National Bureau of Statistics showed headline inflation rose to 15.69 percent year-on-year in April 2026, underscoring the continued pressure on household incomes despite signs of economic stabilisation.
According to the IMF, sustaining growth will require policies that not only preserve macroeconomic stability but also improve social outcomes, create jobs and support vulnerable households. The Fund noted that while reform measures are beginning to strengthen confidence in the economy, many Nigerians are yet to feel the full benefits in their daily lives.
The assessment comes as Nigeria continues to implement fiscal, monetary and foreign exchange reforms aimed at boosting investment, strengthening public finances and supporting long-term economic growth. While economic indicators have shown gradual improvement, inflationary pressures and high living costs remain key concerns for households and businesses across the country.
The Senate President, Godswill Akpabio, has urged Nigerians to be careful of those trying to kidnap for ransom.
Akpabio argued on Tuesday that those behind kidnapping are perpetuating the activity to create an impression that Nigeria is not safe.
Speaking in Abuja during the commissioning of road projects to mark President Bola Tinubu’s third year anniversary, Akpabio said some of the president’s critics have resorted to paying youths to cause mayhem.
Akpabio accused Tinubu’s critics of focusing on insecurity instead of policy and infrastructure.
“Minister you said that people claimed that nothing is happening in Nigeria under the administration of President Tinubu. If they did not say that, how will they go for election? he asked rhetorically.
“If you realize what is happening recently, when they realized that they can’t talk about projects, performance, good laws, transformation in the Petroleum industry, subsidy removal that have been promised Nigerians for decades, they can no longer talk about the high-rise buildings in Abuja such as the NRS building, they resorted to paying young people and recruiting them to cause mayhem in the country.
“Be very vigilant and be careful about people trying to kidnap for ransom. They are kidnapping in order to give the impression that Nigeria is not safe.
“Our men and women in uniform have done tremendously well but many people will not know and that is why I keep saying that the devil you see today, you will soon see them no more.
“Elections will come and go; elections will never be our end; we will see the end of elections; it will never see our end,” he said.
President Bola Tinubu has approved the establishment of a Presidential Task Force on Ebola Virus Disease Preparedness and Emerging Public Health Threats and ordered the immediate release of N10 billion as emergency intervention funding.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this on Tuesday.
According to Onanuga, the fund will strengthen the operational preparedness of the National Centre for Disease Control and Prevention (NCDC) and support critical national public health emergency response activities.
The Presidential Task Force on Ebola will be chaired by the Chief of Staff to the President, Femi Gbajabiamila, with membership drawn from relevant Ministries, Departments and Agencies (MDAs) and state representatives.
Onanuga noted that the President’s approval followed a stakeholder meeting convened under the chairmanship of the Chief of Staff to review Nigeria’s preparedness and develop strategies against the possible importation of Ebola into the country.
Ebola recently resurfaced in the Democratic Republic of Congo (DRC) and Uganda – both neighbouring countries.
Other key stakeholders at the meeting included representatives of the Ministry of Interior, the Federal Airports Authority of Nigeria (FAAN), Nigeria Immigration Service (NIS), Nigerian Civil Aviation Authority (NCAA), the Lagos State Government and others.
Onanuga also disclosed that Tinubu directed all states hosting international airports and international border corridors, as well as relevant MDAs, to submit their plans, funding requirements and intervention needs for consideration and coordinated implementation.
Additional measures to be implemented by the Task Force include the intensification of passenger screening at all international airports through enhanced temperature checks and crowd-control protocols; enhanced monitoring of passengers arriving through high-risk airline routes, including Air Uganda, Rwanda Air, Air Tanzania, Air Angola, Kenya Airways and Ethiopian Airlines; and the immediate activation of referral and isolation centres at the Lagos and Abuja international airports, with other airports to follow.
Other measures include the mandatory activation of QR code-based pre-arrival health declaration systems for passengers originating from or transiting through designated high-risk countries, as well as the disinfection of departure halls, cargoes, baggage areas and airport facilities as precautionary environmental measures.
The President also directed the advisory group to consult with security, diplomatic and aviation bodies on regulating flights from affected and designated high-risk countries.
The Task Force was further mandated to designate specific airports or terminals for high-risk flights to enable controlled screening and isolation procedures, and to consider adjusting flight schedules to minimise interaction between high-risk passengers and other travelers.
