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Senate tasks committee on thorough investigation of N30trn “Ways and Means” funds

Senate has urged its ad-hoc committee to ensure thorough investigation of the N30 trillion “Ways and Means” disbursed by Central Bank of Nigeria(CBN)during administration of former President Muhammadu Buhari.

Ways and Means is a loan facility through which the Central Bank of Nigeria (CBN) provides short-term financing to cover the government’s budget shortfalls.

President of Senate, Godswill Akpabio gave the charge on Monday in Abuja at the inauguration of the 16 member ad-hoc committee investigating the utilisation of the ways and means fund.

Akpabio said the constitution of the committee was a testament to Senate’s unwavering commitment to transparency, accountability, and good governance.

According to him, it reflects dedication to addressing concerns of Nigerian people and upholding the principles of democracy.

Akpabio said the Senate had taken a resolution to look at the issues of the ways and means.

According to him, a request on the expenditure on ways and means fund had been earlier requested by the Senate, saying that it was never provided for by the Accountant General of the Federation and the Central Bank of Nigeria(CBN) Governor .

This, he said resulted in a major motion that led to a composition of an ad-hoc committee to look at the ways and means, adding that totality of the ways and means issues somehow was connected to the hardship faced by Nigeria at the moment.

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 Nigerian people and the Tinubu’s administration.

He said the thorough inquiries was 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 honor.”Akpabio said.

Chairman of the Committee Sen.Isa Jibril (APC Kogi,) thanked Senate for the opportunity to serve Nigeria as members of the committee.

He said the ways and means and the anchor borrower programme had occupied public discourse in the last three months with individuals and groups giving different interpretations.

He said Nigerians were ready m to see the outcome of the investigation, saying that the committee would carry out the assignment expeditiously without any form of compromise.

He urged all stakeholders connected to the investigation to avail the committee all necessary documents required and make themselves available for interface with the committee.

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