Senate quizzes NHIS over N122bn bank deposit

The Senate Public Accounts Committee has queried the National Health Issuance Scheme for a N122bn fixed deposit in an unnamed commercial bank.

The committee acknowledged that the Auditor General of the Federation approved the deposit, however it demanded details of the N3.7bn interest which accrued to the money.

The Chairman of the Committee, Senator Mathew Urhoghide, was displeased with N122bn fixed in the commercial bank by the agency.

He said, “The committee is interested in getting the statement of the account.

“We want to know the details of the accrued N3.7bn by latest Tuesday; we want the statement of account on the investment.”

The Executive Secretary of the NHIS, Prof Nasir Sambo, however, told the panel that the NHIS Act empowers the agency to earn interest on its investment.

He said Part 4 (Section 11) of the NHIS Act empowered it to earn interest on its investment. He said the scheme was not being funded by the Federal Government.

Urhoghide disagreed with the NHIS boss over his submission and said that the interest rate from the N122bn fixed was supposed to be remitted to the federation account.

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