The Central Bank of Nigeria (CBN) yesterday shocked Nigerians when it blamed the continuous fall of naira in the foreign exchange market on moneybags in the country. The apex bank alleged that these moneybags are using about $20 billion in different domiciliary accounts to run the naira aground in the market.

The apex bank said that the monies, which were lying idle in the various accounts, were not being projected for any investment purposes by their owners, but subtly being used to weaken the value of the naira and invariably increasing the value of the idle dollars.

CBN’s Deputy Governor (Financial System Surveillance), Dr. Joseph Nnanna, made the revelation at an interactive session between the Ministries of Budget and National Planning, and Finance, CBN, Accountant General’s Office and major stakeholders on the 2016 budget.

He said some privileged Nigerians were the masterminds of the consistent slide in the value of the naira, since according to him; they have been embarking on dollar speculation to the detriment of the Naira.

He, however, said the passage of the 2016 budget would put a stop to the unrestrained drop in naira value, as according to him, the CBN would embark on aggressive liquidity mopup to enable the currency regain confidence. “The CBN will not sit down and watch the consistent fall of the naira. After the passage of the 2016 Budget, naira will begin to bounce back. Those who speculate on dollars will have their fingers burnt,” he vowed.

Meanwhile, the National Assembly Joint Committee on Appropriation has said that the implementation of the N500 billion intervention fund contained in the 2016 budget proposal would not be feasible because there were no clear strategies for implementation.

The Chairman, Senate Committee on Appropriation, Senator Danjuma Goje, who made the assertion at the interactive session, said that though explanations were given by heads of ministries responsible for implementation of budget about the implementation strategy, they were not satisfactory and realistic.

He said: “There is no detailed, clear cut structure being laid down for implementation of this project because what we have in this budget is N300 billion recurrent and N200 billion capital. “We had to push hard yesterday to get some details, which is not convincing.

For instance, the explanation we got is that N5,000 will be given to one million Nigerians. “Who would choose the one million people? What structures do you have in place to make sure that you choose the right people? “You want to give money, N45,000 to about one million market women or thereabout and in my place, we do not have many market women, and how would you choose the market women to represent all interests?

“We have not got clear explanations to these numerous issues surrounding the implementation of this money. Even the afternoon school feeding, contained in the budget, is not feasible because some students study under non-conducive environment. Will feeding them enhance their learning?” he queried.

Goje said that while the National Assembly was in support of the programme, implementing it in 2016 might not be feasible, suggesting that the money be added to the budgetary allocation for sectors like power, transport and health while those responsible would map out better strategy for better implementation against 2017.

“We are all happy with the programme and I am a party man to the core, but what needs to be done needs to be done very well. I think there is a need to do a greater work on implementation; otherwise this money will go down the drain. “We support this programme; we want Mr. President to succeed, we want our party to succeed.

We want to continue to win elections, but we want the programme to be successful. “So, Mr. Minister, we want you to come up with workable implementation strategy.

Otherwise, there are so many things that require attention in this country. “We would rather use this money to solve our problem, use this year to do very sound ground work for implementation so that the programme can take off next year,” he suggested.

He further emphasised on the need for more budgetary allocation to be made to agricultural sector and solid minerals in view of the emphasis on diversification, saying, “we believe that N9 billion cannot diversify solid minerals and N43 billion cannot diversify agriculture.”

Responding, the Minister of Budget and Planning, Senator Udoma Udoma, said the special intervention programme was a political commitment, which the present administration would not hesitate to fulfill.

He promised to meet with relevant stakeholders to discuss on better strategies for the implementation. Speaking on diversification, the minister stated that the N9 billion budgetary allocation to solid minerals and N43 billion allocated to agriculture would help to create an enabling environment for private investment.

He noted that the Federal Government did not have any intention of being an investor, adding that “all government does is to provide enabling environment and that is infrastructure.

“The support from government does not depend on the amount of money expected if government wants to be major investor.” He also explained that the 2016 budget was zero based, stressing that it did not mean that there would not be ceiling as obtained in envelop system.

He also said there would be a midterm review in the event that the $38 per barrel benchmark and provisions in the budget were not realisable.

Also speaking at the session, the Minister of Finance, Mrs. Kemi Adeosun, disclosed that the sum of N2.9 trillion had accrued to the Treasury Single Account (TSA) from the N2.2 trillion in February.

She, however, said the total sum might not be used to fund the proposed N6.08 trillion budget because some part of it would be used as operating cost for key revenue generating agencies of the Federal Government.

“The total volume of the TSA is now N2.9 trillion. But as the money comes, we cannot just mop it up to finance the 2016 budget. Some of the money coming from the Nigerian National Petroleum Corporation (NNPC) and others into the account, for example, may be used to fund some of its projects,” she said.

Please seize the derm money from those few privileged.

How did they discover my accoutnt!

BIGBANGTHEORY:
Please cease the derm money from those few privileged.

Seize what? They have the right to use the money as they like.

Trut:


Seize what? They have the right to use the money as they like.

Bros you get time for people wey their brain just dey for formality.

Trut:


Seize what? They have the right to use the money as they like.

Bros you get time for people wey their brain just dey for formality.

na the kind of people APC want. Wetin concern person money with CBN or how him use am?

e get anybody wey take investment risk, come loss wey CBN help?

agitator:


Bros you get time for people wey their brain just dey for formality.

na the kind of people APC want. Wetin concern person money with CBN or how him use am?

e get anybody wey take investment risk, come loss wey CBN help?

Those money where idle because they were never made legitimately and they use it to trade without any economics input.
Legitimate cash don't just laid unused and moreover, few people has more than 4 times of our budget are cabals who could run the nations
economy down when their funds are not properly appropriated.
CBN should give a deadline for them to move those cash out of dorm acct or risk losing it.