Punch||The House of Representatives on Tuesday sought explanations for an alleged abuse of disbursements from the N300bn Power and Aviation Intervention Fund by the Bank of Industry.
The Speaker, Mr. Aminu Tambuwal, said information at the disposal of the House indicated that the fund had been depleted to about N100bn.
According to him, some of the money disbursed is believed to be in private pockets and in the kitty of corporate organisations.
He added that the pattern of disbursement did not seem to follow due process.
Tambuwal spoke in Abuja at the opening of an investigative hearing into the disbursement of the intervention fund by the BoI.
“We shall continue to devote attention to situations where the actions of the government or any of its agencies infringe on the constitution.
“By the some accounts, the volume of this fund, which originally amounted to about N300bn, has now dwindled to less than N100bn.
“Officials claim that the sum of over N200bn has been disbursed through Deposit Money Banks to certain individuals and corporate organisations without following due process.
“You will agree with me that we have a very serious issue here, which falls within the precincts of the constitutional mandate given to the National Assembly that all revenues belonging to the federation must be paid into the Consolidated Revenue Fund, and that withdrawals therein shall only be carried out solely upon the authority of an Act of the National Assembly.”