Senate summons Emefiele over exchange rates for infrastructure projects

Senate Committee on Finance has summoned the Governor of Central Bank of Nigeria, Godwin Emefiele, to appear before it on Monday.

The Chairman of the Senate Committee on Finance, Solomon Adeola, made this known via a statement on Sunday by his Special Adviser on Media, Kayode Odunaro.

Mr Emefiele has been summoned to give detailed explanations on the rationale behind the exchange rates the CBN used for three key projects under the Presidential Infrastructure Development Fund (PIDF).

The projects are being funded by the Nigeria Sovereign Investment Authority (NSIA).

The PIDF was earmarked from dollar-denominated Sovereign Wealth Fund to partly fund the Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kano Expressway, East-West Road and Mambilla Hydro Project.

The first three projects had already been funded to the tune of N163.8 billion, the statement said.

According to the statement, Mr Adeola demanded the appearance of the CBN governor during an interactive session between the panel and the Managing Director of NSIA, Uche Orji.

The statement explained that Mr Orji and his management team had told the committee that the contracts for the projects were denominated in naira and that the CBN exchange rate for the disbursed fund was N325 to a dollar instead of the official rate of N305.

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