The N30trillion ways and means secured under the administration of former President Muhammadu Buhari, is to be investigated by the Senate. The upper legislative chamber took this decision on Tuesday after it considered a report by its joint committee on banking, finance, national planning, agriculture, and appropriation.
The 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. Before the ninth National Assembly wound down, Buhari had asked it to approve N22.7 trillion his administration had secured through ways and means.
The figure has since risen to N30 trillion, the joint committee’s report revealed. While presenting the report, Yahaya Abdullahi, chairman of the joint committee, said “proactive measures” needed to be taken because of the fall of the Naira.
Said Abdullahi: “The persistent inflationary trend and the fall of the Naira underscore the urgency for proactive measures. The findings from the session illuminate the multifaceted factors contributing to these challenges.
“As this report indicates, a collaborative effort between the executive and the legislature, and between the fiscal and monetary authorities is imperative to mitigate the risks associated with a potential hyperinflation and the crash of the Naira”.
On his part, Ali Ndume, chief whip of the senate, said when Buhari’s request was brought, he insisted on details of what the money was used for, noting that the upper chamber went ahead to approve it.
Said Ndume: “When the N22.7trillion Ways and Means approval request was brought before the ninth senate, I insisted that details of spendings made with it should be provided before approval, but the senate then went ahead and approved it”.
Senate President Godswill Akpabio said he thought it was necessary that details of ways and means be provided. The red chamber will also probe the anchor borrowers’ programme (ABP), a programme under the apex bank for farmers. An ad hoc committee to probe how the funds obtained through the ways and means were spent and the ABP would be inaugurated on Wednesday (today).
