…As Committee intensifies investigation

By Henry Umoru

THE Senate has approved additional two months for the Committee that is probing into total sum of N30trillion Ways and Means facilities granted the Federal Government at different times from 2014 to 2023 by the Central Bank of Nigeria (CBN).

Meanwhile the Committee has disclosed that it has intensified its efforts to ensure that it achieves results in the investigation at the end of the day.

The investigation into the N30trillion Ways and Means was the facility expended by former President Muhammadu Buhari between 2015 and 2023.

Window for intensification of the probe exercise was opened for the Ad – hoc committee saddled with it last week Thursday by the Senate with two months’ extension granted for the assignment.

The Chairman of the Ad – hoc Committee, Senator Isah Jibrin, APC Kogi East, had in seeking for more time, informed the Senate that required vital information for the probe exercise, were still being expected from some of the relevant agencies involved in the spending of the monetary facilities.

Recall that the President of the Senate, Senator Godswill Akpabio had in March this year charged the Committee members investigating the payment of N30 trillion “Ways and Means” secured from the Central Bank of Nigeria, CBN by the immediate past government in the last 10 years not to leave any stone unturned as they must go after those involved.

Speaking while inaugurating the 17- member ad-hoc Committee that is probing the humongous N30 trillion ‘Ways and Means’, which was released as loan to the Federal Government during the former President Muhammadu Buhari’s administration, Akpabio charged the Committee to spend six weeks in carrying out the exercise.

Speaking with Journalists on the development Sunday, Senator Jibrin who doubles as Chairman, Senate Committee on Customs and Excise Duties said that the two months’ extension granted the Committee by the Senate on Thursday last week, would make it to further intensify the probe exercise.

Jibrin said, “Most of the relevant agencies have been contacted and their documents being thoroughly scrutinized as regards spending of the disbursement gotten from the ways and means.

“Being a very sensitive national assignment, the committee is carrying out very thorough investigation devoid of rushing into conclusion.

“More pressures would now be mounted on few of the agencies that have not adequately responded to vital information seeking requests forwarded to them, failure of which would lead to summoning of heads of such agencies.

” The new time frame given for the investigation by the Senate, will surely make the committee, come up with thoroughly investigative report in   September this year on how the N30trillion Ways and Means were disbursed within the period under review, for what purposes and expended.”

The Committee that is probing the humongous N30 trillion ‘Ways and Means’, which was released as loan to the Federal Government during the former President Muhammadu Buhari administration which is chaired by Senator Jibrin Isah, APC, Kogi East, has Senators Asuquo Ekpenyong, APC, Cross River South; Mohammed Tahir Monguno, APC, Borno North; Victor Umeh, LP, Anambra Central and Olamilekan Adeola, APC, Ogun West as members.

Others are Senators Sani Musa, APC, Niger East; Aliyu Wadada, SDP, Nasarawa; Abdul Ningi, PDP, Bauchi Central and Ipalibo Banigo Harry, PDP, Rivers West.

The ‘Ways and Means’ is an overdraft taken directly from the Central Bank of Nigeria to solve contingency needs of the nation following approval and directive of the executive arm of government which would have to be ratified by the parliament.

This way of financing government deficits usually results in macroeconomic instability, leading to inflation and high exchange rates because of the excess liquidity injected into the economy.

The CBN law limits advances under ways and means to 5 percent of the previous year’s revenue, but this has been mostly breached over the years.

As a way of remedying the situation, the CBN Governor, Olayemi Cardoso, declared in February this year, that the bank would no longer grant ways and means advances to the government until all outstanding debts are refunded.