To carry out an effective investigation into the N30trn Ways and Means, the Senate has set up an ad hoc committee to report back in 4 weeks.
The Senate is set to commence an investigation into the payment of N30 trillion “Ways and Means” secured from the Central Bank of Nigeria (CBN) by the immediate past government in the last 10 years and has set up an ad hoc committee to carry out a holistic investigation into the matter and report to plenary in four weeks.
The constitution of this Committee was a sequel to the adopted resolution during last Tuesday’s plenary on the need to probe the ‘Ways and Means’ secured under former President Muhammadu Buhari’s administration.
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OrderPaper recalls that before this resolution, the Senate plenary last week was thrown into a heated argument over the N30 trillion Ways and Means with Senator Ali Ndume (APC, Borno South) accusing the Red Chamber of acting illegally by allowing funds drawn from CBN, and already expended to be brought to the parliament for approval citing relevant sections in the 1999 Constitution of the Federal Republic of Nigeria as amended, and accused the Senate of lacking powers to approve funds already spent.
READ ALSO: Senators trade words over N29 trillion Ways and Means funds
The Deputy Senate President, Senator Jibrin Barau, (APC, Kano North), who constituted the committee during Tuesday’s plenary, named Senator Isah Jibrin, (APC, Kogi East) as the Chairman of the committee.
Members of the Committee include Senators Asuquo Ekpenyong (APC, Cross River South); Ipalibo Banigo Harry (PDP, Rivers West); Victor Umeh (LP, Anambra Central); and Solomon Olamilekan (APC, Ogun West).
Others are Senators Sani Musa (APC, Niger East); Aliyu Wadada (SDP, Nasarawa West); Abdul Ningi (PDP, Bauchi Central); and Tahir Monguno, (APC, Borno North)
In his remarks before announcing the membership of the Committee, Barau said, “According to statistics, the broad money supply, which is a key parameter for key inflationary trends, increased from N78.3 to 78.4 trillion in 2023, the highest ever recorded in Nigeria. The Central Bank of Nigeria’s Ways and Means which provides direct lending to the Federal Government of Nigeria causes unprecedented liquidity in the economy and the current inflationary pressure that we are experiencing.
“The financial obligation to the CBN now stands at N30 trillion. The inability to repay this temporary accommodation by the Federal Government of Nigeria led to the regularization of a 40-year loan at 9 per cent interest per year.
“By implication, this debt will appear in the balance sheet of CBN for the next 40 years until liquidated. It is therefore imperative to interrogate the loans of the N30 trillion Ways and Means with a possibility of recovering whatever is possible.”
