Just In: Senate Extends-Deadline For Committee-Deepening N30trn-Ways And Means Investigation (Details)

Just In: Senate Extends-Deadline For Committee-Deepening N30trn-Ways And Means Investigation (Details)

The Nigerian Senate is intensifying its investigation into the N30 trillion Ways and Means facilities granted to the Federal Government from 2014 to 2023 by the Central Bank of Nigeria (CBN).

The Ad-hoc Committee, led by Senator Jibrin Isah, has been granted an additional two weeks by the Senate to complete its assignment. The Committee was initially inaugurated in March this year by Senate President Godswill Akpabio.

Barely three months into the investigation, the Committee reported to the Senate that vital information from some relevant agencies involved in the spending of the monetary facilities was still pending.

In a telephone conversation with journalists in Abuja on Saturday, Senator Jibrin, who also serves as Chairman of the Senate Committee on Customs and Excise Duties, stated that the two-month extension granted last Thursday would help further intensify the probe.

“Most of the relevant agencies have been contacted, and their documents are being thoroughly scrutinized regarding the spending of the disbursements from the Ways and Means. This is a very sensitive national assignment, and the committee is conducting a thorough investigation without rushing to conclusions.

“More pressure will be mounted on the few agencies that have not adequately responded to the vital information requests. Failure to respond will lead to summoning the heads of such agencies. The new timeframe given by the Senate will ensure the committee produces a comprehensive report by September on how the N30 trillion Ways and Means were disbursed and for what purposes,” he said.

Ways and Means is a loan facility through which the CBN finances the Federal Government’s budget shortfalls. This financing method often results in macroeconomic instability, leading to inflation and high exchange rates due to excess liquidity injected into the economy.

The CBN law limits advances under Ways and Means to five percent of the previous year’s revenue, a limit that has frequently been breached over the years. In February this year, CBN Governor Olayemi Cardoso declared that the bank would no longer grant Ways and Means advances to the government until all outstanding debts are refunded.