naijaXclusive: spent

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The Public Accounts Committee of the House of Representatives on Tuesday
 queried several expenditure incurred by the Central Bank of Nigeria 
totalling N4.7bn, especially the renovation of its Port Harcourt branch 
with a whooping N2.8bn.<br />
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How much does it cost to erect a new building that CBN spent N2.8billion to renovate?</div>
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<a href="http://www.blogger.com/blogger.g?blogID=5438533803477296299" name="more"></a>The committee, which is considering audit queries 
raised by the Office of the Auditor-General of the Federation, said the 
bank had yet to offer convincing explanations on how the “huge 
expenditure was incurred.”<br />
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At a session with officials of the bank in Abuja, the Chairman of the 
committee, Hon. Solomon Olamilekan, cited the N2.8bn the bank claimed to
 have spent on the renovation of its Port Harcourt branch as one example
 of the EXTRAVAGANT expenditures.<br />
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Hon. Olamilekan said the expenditures were incurred without documents to
 support them and “giving indication that due process was not 
followed.” The committee has therefore giving the bank a 48-hour 
ultimatum to produce documents to defend the spending.<br />
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Another N23m was reportedly spent on the renovation of the residence of 
the governor of the bank, Mallam Sanusi Lamido Sanusi, while a separate 
N50m was quoted for the same purpose. Total N73million.<br />
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The committee said if the CBN fail to produce evidences, it would 
recommend the refund of the money spent into the Consolidated Revenue 
Fund of the Federation.</div>
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Xclusive: Unbelieveable CBN Spent N2.8 Billion To Renovate Just One Building

The Public Accounts Committee of the House of Representatives on Tuesday queried several expenditure incurred by the Central Bank of Ni...