In response to growing concerns over Nigeria’s debt profile, the Senate has taken a significant step by inaugurating an Ad-Hoc Committee tasked with investigating the Ways and Means, as well as the Anchor Borrowers Programme administered by the Central Bank of Nigeria (CBN) during the previous administration of Muhammadu Buhari.<\/p>\n
Led by Senate President Godswill Akpabio and attended by fellow senators, the inauguration of the committee follows a decision by the Red Chamber to delve into the details of various programmes, including those related to state governments, manufacturers, aviation, banks, and excess funding in the power sector. These initiatives have contributed to the nation’s current debt burden.<\/p>\n
The Senate’s decision to probe these programmes stemmed from a debate over the report of the National Assembly Joint Committees on Banking, Insurance, and other Financial Institutions (BIOFI), Finance, National Planning, Agriculture, and Appropriation, which highlighted concerns about the state of the economy.<\/p>\n
During the debate, Senator Adamu Aliero drew attention to the fact that some state governors, as well as retired ones serving as senators, had received significant amounts, including N18 billion as “shock absorbers” under the Ways and Means since 2015. This revelation prompted calls for a thorough examination of the N30 trillion intervention disbursements, some of which were grants.<\/p>\n
In his address to the Ad-Hoc Committee, chaired by Senator ISAH Jibrin representing Kogi East, Senator Akpabio urged the members to conduct a comprehensive investigation over the span of six weeks. He emphasized the importance of setting aside personal and partisan interests, urging the committee to approach their duties with balance, devotion, and impartiality.<\/p>\n
Recognizing the sensitivity of the investigation, Senator Akpabio stressed the importance of engaging with relevant stakeholders and consultants while maintaining open lines of communication with the executive and the public. He cautioned against disclosing any aspect of the report until the investigation is concluded.<\/p>\n
The inauguration ceremony was attended by key figures including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; CBN Governor Olayemi Cardoso; Accountant General of the Federation Oluwatoyin Madein; Auditor-General of the Federation Shaakaa Chira; Director-General of the Debt Management Office Patience Oniha, as well as representatives from beneficiary Ministries, Departments, and Agencies, Institutions, States, Local Governments, and other stakeholders.<\/p>\n","protected":false},"excerpt":{"rendered":"
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