Naija247news reports that the House of Representatives has initiated a comprehensive investigation into the alleged diversion of funds allocated for Sukuk-financed infrastructure projects across Nigeria. The probe, which targets the disbursement and execution of the N1.1 trillion Sukuk bond, aims to ensure transparency and accountability in the utilization of these funds.
Thank you for reading this post, don't forget to subscribe!Naija247news gathered that concerns have been raised over discrepancies in project execution, with allegations that significant portions of the funds may have been diverted or mismanaged. The lawmakers are particularly interested in how the funds were allocated and whether they were fully utilized for the intended road and infrastructure projects.
According to Naija247news, the Sukuk bond, a non-interest financial instrument, was issued by the federal government through the Debt Management Office (DMO) to fund critical infrastructure projects, particularly roads and bridges. However, recent reports and whistleblower accounts have suggested that some of the projects earmarked under the scheme remain either incomplete or non-existent, raising questions about the disbursement and supervision of the funds.
Naija247news understands that the House Committee on Finance and Public Accounts has been tasked with investigating the matter, with invitations expected to be sent to key stakeholders, including officials from the DMO, the Federal Ministry of Works, and other relevant agencies. The lawmakers are determined to ascertain whether due process was followed in awarding contracts and executing the projects.
A source within the National Assembly, who spoke on condition of anonymity, revealed to Naija247news that preliminary findings indicate a pattern of irregularities in project execution across multiple states. Some lawmakers have expressed concerns that the funds may have been diverted for purposes outside the scope of the Sukuk agreement, an issue that could undermine the credibility of future non-interest financing initiatives in the country.
Naija247news reports that the probe comes amid growing public demand for greater oversight of government expenditures, especially at a time when Nigeria is grappling with economic challenges and a rising debt profile. Lawmakers have vowed to ensure that any officials found culpable in the alleged diversion of funds are held accountable.
Discover more from Naija247news
Subscribe to get the latest posts sent to your email.
