Sanusi Lamido Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi yesterday stood his ground that the National Assembly spends 25 per cent of the Federal Government’s overhead expenditure.
But the House of Representatives panels before whom he appeared said the CBN governor had been feeding Nigerians with misleading figures, probably to spite the lawmakers.
The CBN boss appeared before the House of Representatives Joint Committees on Appropriation, Finance, Banking and Currency; and Drugs, Narcotics and Financial Crimes. He was invited to clarify his comment on the spending of the National Assembly.
Sanusi made the comment during a Convocation Lecture at the Igbinedion University in Okada, Edo State. The CBN governor also appeared before four Committees of the Senate over the same issue last week.
Yesterday, Sanusi expressed disgust over the heat his comment has generated saying, “it is distressing the extent the matter has gone.”
He said the controversy is neither in the interest of the CBN nor the National Assembly.
He explained that the thrust of his lecture was to emphasise the fact that “as a country, we cannot continue to spend our money on recurrent and overheads if we want to develop.”
The panels led by Minority Leader Hon. Mohammed Ali Ndume said contrary to what Sanusi presented at the lecture, Federal Government’s total recurrent expenditure as contained in the 2010 budget was N1.3 trillion against the N536 billion quoted by Sanusi.
Ndume said the National Assembly’s overhead cost which is N136 billion is only 8.9 per cent of Federal Government’s N1.38 trillion total overheads.
He said the investigative committee could not understand why Sanusi failed to use the total of N814.60 billion he (Sanusi) provided for the committee, for his calculation.
But Sanusi said he relied on the Federal Government’s 2011 to 2013 Medium Term Expenditure Framework which the National Assembly approved to arrive at his own calculations.
He insisted that N136.25 billion total overhead of the National Assembly is 25.41 per cent of Federal Government’s total overhead of N536.26 billion.
Sanusi said he had no other motive than to point out the danger of consistent high recurrent and overhead expenditure of government.
The CBN governor was asked what his motive was and whether he regretted his comment.
Sanusi said, “I do not want to be involved in a never ending saga. I have the banking reform I’m looking at and you have election you are looking at.
“If I answer everything, tomorrow, we create new headlines. It was not correct to say that I went and said that the problem of the country is because 25 per cent overhead goes to the National Assembly.
“I never deny motives but it cannot be said that my motive was to malign the National Assembly. I cannot sit here and convince you that I was not mischievous.
“Whether I regret what I said, I earlier said that it is distressing how these things have developed. If mistakes were made, they were mistakes. But if the figures were right as I used them, yes.”
The CBN governor who said he would continue to point out financial issues he considered were against the economy no matter how unpleasant, insisted that there was no intention to malign the National Assembly.
To those who accuse him of speaking too much, he noted that as CBN Governor, “I should speak about government spending and finances even if the truth is bitter, but my comment should not be taken as an attack on the National Assembly or any arm of government.”
Ndume expressed the committee’s concern over the absence of the Director-General of the Budget Office, Dr. Bright Okogwu at the meeting.
Although Ndume explained that the meeting was only meant to obtain necessary clarification from the CBN boss, it turned out to be a war of figures between the CBN Governor and members of the committee.
The committee said the N536 billion quoted by Sanusi as Federal Government’s overhead was in conflict with the N814 billion contained in the CBN document presented to the Committee.
Sanusi attempted to clarify the figure but Ndume declared that the intention of the session was not to drag the issues.
Ndume said Sanusi might choose to issue a statement to clarify the alleged misleading figure.
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