The house of Representatives,has vowed to recover about 1.2 trillion naira allegedly hanging in commercial banks, federal government ministries, agencies and hands of unauthorized persons.

The Speaker, Mr Femi Gbajabiamila, disclosed this at the inauguration of the Ad-hoc committee on unclaimed funds in Nigerian commercial banks and the infractions by the Central Bank of Nigeria.

The Speaker, represented by the deputy speaker, Ahmed Wase, said the recovery would go a long way in improving the system in terms of value addition and therefore sought for the cooperation of the government ministries invited to furnish the committee with the information required for it to carry out its assignment

The Chairman of the Committee, Mr. Udem Uyime said the recovery of the hanging fund will improve budget funding, increase money in circulation and reduce poverty among citizens.

Mr. Uyime said the outcome of the investigation will contribute immensely to the transparency in governance as well as prudent management of the public funds for the general good.

Agencies that attended the innauguration included FIRS, CBN, NNPC, NIMASA and office of the accountant general of the Federation as well as commercial banks.



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