CBN Governor, Sanusi Asked To Explain Why He Paid The 3 Tiers Of Government In Naira

Governor of the Central Bank of Nigeria, CBN, Malam Lamido Sanusi, has been asked to explain why the CBN allegedly paid the monthly allocations to the three tiers of government by substituting Dollar with Naira before distributing the funds to the three tiers of government.

The request was made by two Nigerians, Mr Henry Boyo and Adaighofua Ojomaikre, who want the CBN governor to justify the payment of dollar revenues accrued into the Federation Account in Naira and the applicable rate for such substitution in the past five years.

The petitioners hinged their petition on the provision of the Freedom of Information Act, FoIA, arguing that by virtue of Section 162 of the constitution, “there shall be a Federation Account into which all revenues collected by the Government of the Federation shall be paid except the proceeds from the personal income tax of the personnel of the armed forces of the Federation, the Nigeria Police Force, the Ministry or department of government charged with responsibility for Foreign Affairs and the residents of the Federal Capital Territory, Abuja.”

Culled From Vanguard