House of Representatives has urged the minister of Finance and the governor of the Central Bank of Nigeria (CBN) to provide it with a detailed report of all federal financial interventions, outside Federation Account Allocation Committee (FAAC) extended to states and local governments from 2023 to date.
The Green Chamber insisted that details must be provided within two weeks, including the nature of each intervention, the amount disbursed, the disbursement dates, the recipient entities, and the conditions (if any) attached.
This followed the adoption of a motion sponsored by Hon. Abdussamad Dasuki(PDP, Sokoto) at plenary on Tuesday.
He moved the motion by saying that the federal government, in addition to the statutory monthly allocations disbursed through the FAAC, has continued providing various financial interventions to states and local governments to address fiscal challenges and support development initiatives.
The lawmaker noted that such interventions include, but are not limited to, budget support facilities, infrastructure funds, ecological and emergency relief grants, and other discretionary or conditional support mechanisms.
Dasuki expressed concern that while these interventions are vital to addressing specific financial and developmental needs at sub-national levels, the absence of a consolidated public record of these disbursements may undermine transparency, hinder effective oversight and limit public accountability.
He expressed worry that “without detailed information on the nature, amounts, beneficiaries, and intended purposes of these interventions, it becomes difficult for the legislature to evaluate their effectiveness, monitor utilisation, and ensure alignment with national development objectives
Dasuki acknowledged the constitutional responsibility of the National Assembly to conduct oversight over public finance and to promote fiscal transparency and accountability across all levels of government.
Upon adopting the motion, the House mandated its relevant committees to scrutinise the report submitted, engage relevant stakeholders to ensure transparency, accountability, and value for money, and report within four weeks for further legislative action.
