Again, Senate initiates probe into N30trn CBN ‘Ways and Means’ disbursements under Buhari
…Akpabio stresses need for comprehensive expenditure probe, calls for stakeholder engagement
By Sodiq Adelakun
The Nigerian Senate has taken decisive steps to investigate the disbursement of a staggering N30 trillion by the Central Bank of Nigeria (CBN) through its “Ways and Means” facility during the tenure of former President Muhammadu Buhari.
This facility is known to provide short-term loans to the government to bridge budgetary deficits.
On Monday, Senate President Godswill Akpabio inaugurated a 16-member ad-hoc committee tasked with the responsibility of conducting a comprehensive probe into the utilisation of the “Ways and Means” funds.
Akpabio emphasised that the formation of this investigative committee demonstrates the Senate’s dedication to addressing the concerns of the Nigerian populace and maintaining the integrity of democratic principles.
He noted that the Senate had previously resolved to scrutinize the “Ways and Means” operations and had sought details on the expenditures from the Accountant General of the Federation and the CBN Governor, which were not forthcoming.
The lack of transparency surrounding the “Ways and Means” expenditures prompted a significant motion within the Senate, leading to the establishment of the ad-hoc committee.
Akpabio highlighted the connection between the issues arising from the “Ways and Means” and the current economic hardships facing Nigerians, suggesting that the investigation is not only a matter of fiscal responsibility but also of national urgency.
Akpabio said it was incumbent on the Senate to look at issues and unbundle the expenditure involved in the ways and means to see how it was utilised.
This, he noted, was for the benefit of the Nigerian people and the Tinubu’s administration.
He said the thorough inquiries were designed to dig out information, and urged members of the committee to approach their responsibilities with utmost sense of patriotism, professionalism and integrity.
“Your investigation demands impartiality and fairness, always keeping the public interest and the welfare of our nation at the forefront.
“We must leave no stone unturned in our pursuit of the truth.
“Therefore, conduct thorough inquiries and dig out information that will assist the Senate in making laws for the betterment of our country.
“The success of this ad-hoc committee hinges on collaboration, cooperation, and a steadfast commitment to the common good.
“Let us set aside personal and partisan interests, focusing solely on the task at hand, by working harmoniously, we can ensure that the Ways and Means in Nigeria are managed prudently, efficiently, and in accordance with the law.”
Akpabio urged the committee to carry out the investigation by engaging with relevant stakeholders, experts, and organisations on the ‘ways and means’ expenditure.
He said the valuable insights and perspectives of the stakeholders would strengthen the credibility and comprehensiveness of their findings and recommendations.
“I urge you to remain open to constructive inputs and feedback, harnessing the knowledge and expertise of others to achieve your collective goal.
“As you embark on this vital mission, please maintain open lines of communication with the public.
“The Nigerian people must be kept informed of your progress and findings, as their trust and confidence in your work are of utmost importance.
“You must demonstrate your dedication to serving our nation with distinction and honour,” Akpabio said.
Chairman of the Committee Sen. Isa Jibril (APC Kogi,) thanked the Senate for the opportunity to serve Nigeria as members of the committee.
He said the Ways and Means and the Anchor Borrowers programme had occupied public discourse in the last three months with individuals and groups giving different interpretations.
The committee has been tasked with investigating the programme and other initiatives, including the ways and means used to implement them.
However, they pledged to carry out the investigation quickly and without compromise, and have called on all stakeholders to provide the necessary documents and information to facilitate the investigation.
