The Nigerian Senate has inaugurated a 17members Ad-Hoc Committee to investigate the Ways and Means, including the Anchor Borrowers Programme by the Central Bank of Nigeria (CBN).
The move comes after a decision by the Red Chamber to probe details of the programmes based on monies given to state governments, manufacturers, aviation, banks, excess funding in the power sector, amongst others which raised the current debt profile of the country.
This was part of resolutions of the Senate after 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 on the state of the economy.
In an extensive debate in early February, the Nigerian Senate had argued that some state governors, including some retired ones in the Senate, were beneficiaries of N18bn as shock absorbers under the Ways and Means since 2015.
The debate had led to some lawmakers suggesting that a special committee be set up to scrutinise the N30trn intervention disbursements (some of which were grants) and ways to mop them up.
Speaking while inaugurating the Committee, Senate President, Godswill Akpabio told them not to leave any stone unturned in their investigation expected to span six weeks.
He enjoined members of the committee to set aside personal and partisan interests, focus on the task at hand, and approach their responsibilities with utmost balance, devotion and impartiality.
Recognising the sensitivity of the task, Senator Akpabio reminded the Committee to constantly engage with relevant stakeholders and consultants that will provide them relevant informations needed.
While he urged them to maintaining an open lines of communication with the executive and the public, the Senate President also warned them not to disclose any aspect of their report until the task is concluded.
“The constitution of this Committee is a testament to the Senate unwavering commitment to transparency, accountability and good governance. He reflects our dedication to addressing the concerns of the Nigerian people and upholding the principles and tenets of democracy. To the members of this esteem Committee, I implore you to approach your responsibilities with the utmost sense of patriotism, professionalism and integrity,” he said.
In his response, the Chairman of the Adhoc Committee, Senator Isah Jibrin representing Kogi East, promised to carry out their assignment without any forms of compromise.
He said; “The ways and means and the anchor borrower programme have occupied the public place in the last few months. The Ways and Means and the anchor borrowers schemes has arise various precautions among individuals and groups with groups and individuals given their opinions and interpretations. Your excellence, the implications of this is that Nigerians are awaiting for this investigation. I want to assure you that we are going to carry out our investigations without compromise.
The inauguration was attended by the Minister of Finance and Coordinating Minister of the Economy; Wale Edun, Minister of Budget; Atiku Bagudu, the CBN Governor; Olayemi Cardoso, Accountant General of the Federation; Oluwatoyin Madein and Auditor-General of the Federation; Shaakaa Chira.
Others were the Director General, Debt Management Office; Patience Oniha, beneficiary Ministries, Departments and Agencies, Institutions, States, Local Governments.
Ways and Means is a recurring loan facility through which the Central Bank of Nigeria finances the federal government’s budget shortfalls.
VON