The Senate has urged its ad hoc committee to ensure a thorough investigation of the N30 trillion “Ways and Means” disbursed by the Central Bank of Nigeria (CBN) during the administration of former President Muhammadu Buhari.
Ways and Means is a loan facility through which CBN provides short-term financing to cover the government’s budget shortfalls.
Senate President Godswill Akpabio gave the charge on Monday in Abuja at the inauguration of the 16-member ad hoc committee investigating the utilisation of the ways and means fund.
Mr Akpabio said the constitution of the committee was a testament to the Senate’s unwavering commitment to transparency, accountability, and good governance.
According to him, it reflects dedication to addressing the concerns of the Nigerian people and upholding the principles of democracy.
Mr Akpabio said the Senate had taken a resolution to look at the issues of ways and means.
He said a request on the expenditure on ways and means fund had been earlier requested by the Senate, saying it was never provided for by the accountant general of the federation and CBN governor.
Mr Akpabio said this resulted in a major motion that led to the composition of an ad hoc committee to look at the ways and means, adding that the totality of the ways and means issues was somehow connected to the hardship faced by Nigeria at the moment.
Mr Akpabio said it was incumbent on the Senate to look at issues and unbundle the expenditure in the ways and means to see how it was utilised. He noted that this was for the benefit of the Nigerian people and Mr Tinubu’s administration.
He said the thorough inquiries were designed to dig out information. He urged committee members to approach their responsibilities with patriotism, professionalism and integrity.
Mr Akpabio urged the committee to investigate by engaging with relevant stakeholders, experts, and organisations on the expenditure.
He said the valuable insights and perspectives of the stakeholders would strengthen the credibility and comprehensiveness of their findings and recommendations.
“I urge you to remain open to constructive input and feedback, harnessing the knowledge and expertise of others to achieve your collective goal.
“As you embark on this vital mission, please maintain open lines of communication with the public,” Mr Akpabio said.
The committee chairman, Isa Jibril (APC Kogi), thanked the Senate for the opportunity to serve Nigeria as committee members.
He urged all stakeholders connected to the investigation to provide the committee with all necessary documents and make themselves available to interface with the committee.
