Senate to probe N30trn ways and means secured under Buhari

The senate says it will investigate the N30 trillion ways and means secured under the administration of former President Muhammadu Buhari.

The upper legislative chamber decided 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, according to the joint committee’s report.

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.

“The persistent inflationary trend and the fall of the naira underscore the urgency for proactive measures,” Abdullahi said.

“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 hyperinflate 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.

“When the N22.7 trillion Ways and Means approval request was brought before the ninth senate,” Ndume said.

“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: “I think it is 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.