The Senate Committee on Public Accounts has clarified that it could not provide a certified true copy of the Red Chamber’s resolution on the 2020 Audit Report, citing ongoing legislative processes.
 
This was disclosed by the Chairman of the committee, Ahmed Wada Aliyu, in response to a formal request from human rights lawyer, Femi Falana. Aliyu explained that the audit report, though submitted to the National Assembly by the Auditor-General of the Federation by Section 85(5) of the 1999 Constitution (as amended), is still under consideration by the committee and has not yet been laid before the Senate in plenary.
 
Falana, in a letter addressed to the Senate, had requested a certified true copy of the Senate’s resolution on the 2020 audit report, emphasising its urgency due to findings of significant financial irregularities. The report flagged the handling of a $3.4 billion emergency loan obtained by the Federal Government during the COVID-19 pandemic.
 
According to the audit report, $2.4 billion of the loan was transferred to the Central Bank of Nigeria’s (CBN) account at the Federal Reserve Bank of New York, while the remainder was sent to the CBN’s account at the Bank of China, Shanghai. By June 1, 2020, the entire sum had been moved to the Bank for International Settlements (BIS) and the Industrial and Commercial Bank of China (ICBC) for short-term investments.
 
The auditor-general noted that these transactions lacked documentation or approvals from either the Federal Government or the CBN’s Investment Committee. Moreover, the funds were reclassified as part of the CBN’s external reserves rather than Federal Government assets, enabling the CBN to earn interest on funds meant for emergency spending.
 
“The report further revealed that in August 2020, the Federal Ministry of Finance requested the monetisation of $700 million. A week later, the CBN approved a debit of N265.65 billion using an exchange rate of N379.5/$, higher than the official rate of N360.5/$ at the time. The disbursed funds were credited to various accounts, including N252 billion to the COVID-19 Public Sector Account and N13.3 billion to the Forex Equalisation Account,” Falana stated, among others.
 
Meanwhile, the International Monetary Fund (IMF) had last week confirmed that Nigeria has fully repaid the $3.4 billion loan accessed under its Rapid Financing Instrument (RFI). However, associated charges totalling SDR 125.99 million (about N275.28 billion) remain.
 
Falana’s request was made under the Freedom of Information Act 2011, which mandates a response within seven days. In his letter, he warned that failure to comply would result in legal action at the Federal High Court.
 
Despite this, Aliyu reiterated that until the committee finalises its report and approves in plenary, no resolution can be officially certified.  He appreciated Falana’s efforts in promoting accountability and transparency, assuring that due process remains a top priority for the Senate.