The Nigerian Senate has urged its ad-hoc committee to conduct a thorough investigation into the N30 trillion “Ways and Means” loan facility disbursed by the Central Bank of Nigeria during the administration of former President Muhammadu Buhari. The Ways and Means program is a short-term financing initiative by the Central Bank of Nigeria (CBN) intended to cover the government’s budget shortfalls.
At the inauguration of the 16-member ad-hoc committee investigating the utilization of the Ways and Means fund, the President of the Senate, Godswill Akpabio, emphasized the importance of transparency, accountability, and good governance in the utilization of public funds. The Senate’s unwavering commitment to addressing the concerns of the Nigerian people and upholding democratic principles is reflected in the formation of the ad-hoc committee.
According to Akpabio, the Senate had earlier requested information on the expenditure of the Ways and Means fund, which was not provided by the Accountant General of the Federation and the Central Bank of Nigeria Governor. Subsequently, a motion was passed, leading to the formation of the ad-hoc committee to investigate the Ways and Means program’s utilization. Akpabio emphasized that the committee’s investigations would benefit the Nigerian people and the government’s administration.
The thorough inquiries are designed to dig out information, including the expenditure involved in the Ways and Means program, to see how it was utilized. Akpabio noted that the totality of the Ways and Means issues is somehow connected to the hardship faced by Nigeria at the moment. The Senate is committed to understanding the issues surrounding the Ways and Means program and to providing recommendations to address them.
Akpabio urged the committee members to approach their responsibilities with the utmost sense of patriotism, professionalism, and integrity. The success of the ad-hoc committee depends on collaboration, cooperation, and a steadfast commitment to the common good. By working harmoniously, the Ways and Means in Nigeria can be managed prudently, efficiently, and by the law.
The committee will investigate by engaging with relevant stakeholders, experts, and organizations on the Ways and Means expenditure. The stakeholders’ valuable insights and perspectives will strengthen the credibility and comprehensiveness of their findings and recommendations. The committee will also maintain open lines of communication with the public to keep them informed of their progress and findings.
Chairman of the Committee Sen. Isa Jibril thanked the Senate for the opportunity to serve Nigeria as a member of the committee. He emphasized that the Ways and Means and the anchor borrower program had occupied public discourse in the last three months, with individuals and groups giving different interpretations. The committee would carry out the assignment expeditiously without any form of compromise and urged all stakeholders connected to the investigation to avail the committee of all necessary documents required and make themselves available for interface with the committee.
