The Federal Government has made progress in the forensic probe into the N30 trillion Ways and Means loans advanced to the immediate past administration by the Central Bank of Nigeria (CBN), Minister of Finance and Coordinating Minister of the Economy Wale Edun told senators yesterday.
He also blamed the spike in freight costs for the delay in the takeoff of the electric and Compressed Natural Gas (CNG) vehicles.
The minister pledged that his ministry would intensify efforts in monitoring the revenue-generating agencies to be up and doing.
Edun made the assertions when he appeared in the company of Accountant-General of the Federation, Oluwatoyin Madein, before the Senate Committee on Appropriation in Abuja over budget performance.
Edun said: “The procurement of electric and CNG buses and conversion kits, more importantly, has been held up by a spike in the freight costs. It’s just the ingenuity of one of the young men that is in that business that we have got a bulk carrier that has a lower freight cost. Otherwise, the trade cost per bus became daunting and it made people to just hold on to see whether in fact this procurement was profitable for them.”
