President of the Senate, Godswill Akpabio on Monday inaugurated a 17 man adhoc Committee to investigate the Ways and Means and the Anchors Borrowers Programme under the immediate past administration of President Muhammadu Buhari.
Senate had last month following the report of its Joint Committees on Banking, Insurance and other Financial Institutions; Finance; National Planning; Agriculture; and Appropriations which had earlier held an interactive session with the Federal Government’s Economic Management resolved to investigate the N22.7tn printed by the Central Bank of Nigeria through Ways and Means overdraft.
The Ways and Means provision allows the government to borrow from the Central Bank of Nigeria if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.
Last May, the Senate approved the request by President Muhammadu Buhari to restructure the N22.7 trillion loans the apex bank extended to the federal government under its Ways and Means provision.
The Ninth Senate equally approved an additional N180.4 billion being the balance of the supplementary budget and the interest accrued on the Ways and Means advances.
Apart from the Tenth Senate under Godswill Akpabio, the Presidency has equally blamed the economic hardship being experienced by Nigerians on the abuse of Ways and Means by the Buhari administration.
Speaking at a recent session with the Senate Committee on Finance, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, attributed the present hyperinflation in the country to the reckless printing of money without productivity under the Buhari administration.
Addressing the elaborate gathering which had Wale Edun, Atiku Abubakar Bagudu and Olayemi Cardoso, Minister of Finance and Coordinating Minister of the Economic, Budget and Economic Planning and Governor of the Central Bank of Nigeria, respectively in attendance, the President of the Senate in his opening remarks on Monday appealed to the ad-hoc Committee which has Senator Jibrin Isah as Chairman to be guided by the public interest in the pursuit of their assignment and be fair to all.
He said: “To the members of this esteemed committee, I implore you to approach your responsibilities with the utmost sense of patriotism, professionalism and integrity. Your investigation demands impartiality and fairness, always keeping the public interest and the welfare of our nation at the forefront. We must leave no stone unturned in our pursuit of the truth. Therefore, conduct thorough inquiries and dig out information that will assist the Senate in making laws for the betterment of our country.
“The success of this Ad-Hoc committee hinges on collaboration, cooperation, and a steadfast commitment to the common good. Let us set aside personal and partisan interests, focusing solely on the task at hand. By working harmoniously, we can ensure that the Ways and Means in Nigeria are managed prudently, efficiently, and by the law.”
He also urged Senator Isah’s team to be open-minded and engage all relevant stakeholders. Senator Akpabio equally demanded confidentiality.
‘Moreover, confidentiality is paramount to your work. The information and data we gather during our investigations are sensitive and must be handled with the utmost care and discretion. Adhering to strict protocols will ensure the security and integrity of the information you uncover.
“In carrying out your mandate, it is imperative that you engage with relevant stakeholders, experts, and organizations.
Their valuable insights and perspectives will strengthen the credibility and comprehensiveness of your findings and recommendations. I urge you to remain open to constructive inputs 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. The Nigerian people must be kept informed of your progress and findings, as their trust and confidence in your work are of utmost importance. You must demonstrate your dedication to serving our nation with distinction and honour.’
In his acceptance speech, Senator Isah declared that while his team would be fair to all, it would not subordinate itself to any vested interest.
“I want to thank you for giving us this opportunity to serve the Senate and Nigeria.
“The Ways and Means and Anchor programme has occupied public space with distortions, with individual giving their various interpretations.
“Nigerians are waiting for our investigation. We are going to carry out this investigation, expeditiously without compromise.
The beneficiaries should make documents available and make themselves available. I assure you that we are going to give a report that Nigerians will be proud of.”
