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CBN Freezes INEC Account

INEC_VOTERSG-599x300The Central Bank of Nigeria, CBN,  has order that banks account of The Independent National Electoral Commission (INEC) be frozen, following the commission’s failure to comply with Federal Government’s directive that all ministries, agencies and departments must operate Treasury Single Account, TSA.

Findings by Vanguard revealed that the directive was carried out last week.

The commission is now cash strapped and is unable to discharge most of its responsibilities as INEC had failed to comply with the government’s directives on the TSA, due largely to the peculiar activities of the body as the nation’s electoral umpire which should qualify it for exemption from the new directive.

Good news however is  that the leadership of INEC on Tuesday met with representatives of the Federal Government and CBN, with a view to resolving the issue which he added has thrown everybody almost off balance.

The source said, “It has not been easy at the commission because all activities here are almost grounded following the decision of the federal government to block all our accounts. They said that INEC has refused to comply with the directive on Treasury Single Account.

As we talk now, we have not been able to pay workers salaries for September because we cannot have any access to the commission’s accounts. Our numerous contractors have been coming everyday for payments that have been due but there is no cash at hand to settle them.

“But the good news is that the commission’s leadership has finally met with them and they have agreed to sort out the whole matter. Hopefully the commission will come back to life very soon and try to settle the issue of workers salary which is very important”.

According to him, depending on the level of resolution and funds that will be available, the issue of debts owed to contractors would also be addressed..

Vanguard

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