The President of the Senate, Senator Godswill Akpabio has 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 on Monday, March 11, 2024, in Abuja 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.
The President of the Senate enjoined members of the committee while carrying out a holistic investigation into the matter, should set aside personal and partisan interest, focus on the task at hand and approach their responsibilities with utmost balance, devotion and impartiality.
Recognizing the sensitivity of the investigation at hand, Akpabio reminded them to constantly engage with relevant stakeholders and consultants to provide invaluable insights while maintaining open lines of communication with the executive and the public, but disclosing no aspect of the report until the task is concluded.
The Committee to probe 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.
They are loans or advances by the CBN to the Federal Government to enable it to cater for short-term or emergency finance to fund delayed government expected cash receipt of fiscal deficits.
