CBN Did Nothing Wrong By Spending N56 Billion On Varsities, Poly – Sanusi Lamido

Sanusiimages1.jpgSuspended Governor of the Central Bank of Nigeria, CBN, Malam Sanusi Lamido, has disclosed that he only disbursed the sum of N56 billion as intervention fund for the provision of infrastructure at 27 universities and six polytechnics across the country.

According to him, based on the dividend payments to the Federal Government in two years – 2012 and 2013 – there was nothing wrong in the apex bank undertaking “capital projects of N56 billion in five years”.

These formed part of his remarks at the Zonal meeting of the Senior Staff Association of Nigerian Universities, (SSANU) held at Kano University of Science and Technology (KUST) on Friday.

Sanusi also appealed to the FG not to suspend on-going projects funded by CBN at various universities based on the bad-blood between them.


He said: “I want to clarify that a lot of numbers have been thrown around that I have spent N160 billion university interventions. I want to tell you that from 2009 to 2013 the total amount disbursed by the CBN on all the contracts at universities,  polytechnics, secondary schools and CBN branches was N56 billion”.

The Kano-born prince clarified that it was an average of N11 billion per annum, noting that CBN has in 2013 alone given the federal government a dividend of N159 billion and N80 billion in 2012.

Justifying his spending on universities, Sanusi asked: “if CBN was giving N159 billion and N80 billion as dividends in two years, what is wrong in undertaking capital projects of N56 billion in five years?”

He stressed the need for SSANU and ASUU “to appeal to the federal government that it should let the projects continue” because according to him, “History will judge as all structures are there for all to see”.

He continued: “Several months ago, ASUU was on strike because federal government did not meet its commitment to developing university education. The federal government came to me as part of its efforts to end ASUU strike, saying that the CBN should give the list of the project it had carried out in Nigerian universities and the deputy should explain to ASUU that CBN as agency of government has ongoing projects at the universities”.


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