Reps Demands Information On Foreign Reserve

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The House of Representatives on Wednesday demanded explanation from the Presidency through its Committee on Public Accounts.

The question asked is what is the status of Nigeria’s Foreign Reserves Accounts?

The demand followed the confession of the Accountant-General of the Federation, Mr. Ahmed Idris, that he has no idea about the operation of the Foreign Reserves Accounts by the Central Bank of Nigeria.

Idris told the House panel that he had no data or information on how much goes into or comes out of the accounts.

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The accountant-general spoke during the investigative hearing into the audit queries issued by the Office of the Auditor-General of the Federation (OAuGoF) on the 2014 financial statement of the Accountant-General of the Federation (AGF).

Idris’ revelation followed a query from the Auditor-General of the Federation, Mr. Anthony Ayine, titled: “Non-disclosure of Federal Government and Federation Accounts Foreign Reserves in the financial Statements.”

He was represented by Mr. Bisi Fakowajo.

Ayine in the query said: “It was observed that the value of Federal government and Federation Account Foreign Reserves were not disclosed in financial statements as part of the assets of the federal government.

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“The Accountant-General of the Federation has been requested to explain why federal government foreign reserve was not disclosed in the financial statements.”

The AGF, represented by Director, Consolidated Accounts, Mr. Emmanuel Adio, and Director, IPPIS, said the CBN has been directed to provide the details of the foreign reserve in its subsequent financial statements.

He said: “Actually, this was discussed in our previous meeting before this committee and immediately we left here we have written to the CBN for information so that we can put it as an addendum to our financial statement.

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“However, our response here says, we noted the observation of the auditor-general of the Federation and it will be disclosed subsequently.

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