Lawmakers Move to Ensure Completion of CBN’s Projects

budgetThe Central Bank of Nigeria, Abuja, Nigeria
  • Lawmakers Move to Ensure Completion of CBN’s Projects

Lawmakers in the country have assured the Central Bank of Nigeria of their support to ensure that it complete the projects it has embarked upon which will benefit the citizens.

The Chairman, Banking and Currency Committee, Jones Onyerire, said this when he led a delegation of some members of the House of Representatives to inspect the Centre of Excellence project in the University of Lagos, which was being constructed by the CBN in Lagos on Thursday.

He said, “We had a lot of challenges with the CBN with respect to the interventions of this project but as God would have it, immediately we started undergoing this oversight visit and seeing in reality what is on the ground, most of us changed our minds if not everybody because it is obvious that the projects are laudable and not just being laudable but done in an excellent form.

“Yes, in all things like in life you could still have challenges here and there and part of it is what we have experienced here and it is our duty to help them with the challenge.”

Onyerire, however, expressed worries on issues such as the 2022 completion date given and different contractors that were involved in the execution of the project.

He said it was necessary to note the challenges the apex bank was encountering and give it the necessary backing to make sure that project was completed on time.

According to him, the inspection is part of the legislative work which they have to do before looking into this year’s budget.

“It is imperative that we undergo an oversight to look at projects that fall within the legislative or our agency’s budget. You can’t start looking into the annual budget without finding out what the agency has been able to do with the money so appropriated for them.

“That is why we are in Lagos to look at one of the intervention projects of the CBN. We have actually gone to the site and looked at what they have done. Yes, we will say there are issues that we need to tackle.”

The Project Director, Beton Bau Nigeria Limited, Sope Oyayemi, said the company was the main contractor that took over the job and that the timeline for completion was 2022.

She said, “The Centre of Excellence University of Lagos project comprises two buildings, the building which has an auditorium, offices, lecture rooms and other facilities. The second building is the hostel building which has about 150 rooms, a restaurant, shops and the likes.”

The Director, Corporate Communications Department, CBN, Isaac Okorafor, said, “It is in the interest of this country and our nation that this project should be completed.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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