The Senate Committee on Finance on Monday prevented the representatives of the Central Bank of Nigeria Governor, Godwin Emefiele, from addressing it on the issue of exchange rates for funding key projects. The Committee, led by its Chairman, Solomon Adeola, asked the Deputy Governor of CBN, Mr. Adebisi Shonubi, who represented Emefiele to leave with his team because the invitation was not meant for him.
The panel also blamed Emefiele for not informing it earlier that he would be sending a representative. The CBN governor was therefore asked to appear before the panel again on Thursday. The finance committee had summoned Emefiele, to appear before it on Monday (today). Emefiele was expected at the Senate panel with detailed explanations on the rationale behind the exchange rates the CBN used for three key projects under the Presidential Infrastructure Development Fund.
The multi-billion-dollar projects are being funded by the Nigeria Sovereign Investment Authority. The PIDF was earmarked from the 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 N163.8bn.