SENATE ASKS PROBE PANEL TO RECOVER
N30TRN WAYS & MEANS
The Senate on Monday inaugurated a 17 man Ad-hoc Committee to investigate the expenditure of N 30 trillion “Ways and Means”, borrowings by the administration of President Mohammadu Buhari from the Central Bank of Nigeria, CBN, with a strong charge to go after the money.
The Senate probe panel which is headed by Senator Isah Jibrin also has the mandated to investigate the federal government development intervention program, ANCHOR BORROWER Programme valued at N10 trillion.
The senate matched words with action to go after the N30 trillion printed as Ways and Means borrowing by the Central Bank of Nigeria to the immediate past administration of President Muhammadu Buhari when it inaugurated a 17 man Ad-hoc committee headed by Senator Isah Jibrin.
The upper legislative chamber had reached a resolution to probe the Ways and Means expenditure as well as that of a N10 trillion Anchor Borrower Programme also initiated by the Central Bank of Nigeria, relying on the report of its Joint Committee that partially blamed Nigeria’s current economy hardship on borrowings by the “Ways and Means”, borrowings after interfacing with the country’s economic team.
Even when , most of the Ways and means borrowings were done without the knowledge of the Senate and in gross violations of the CBN Act, the Ninth Senate under the leadership of Ahmad Lawan legalized the borrowing for President Muhammedu Buhari few days to the end of his administration at an extraordinary session, although with the condition that details of the expenditure would be made available to it.
More than a year after and without the details, the 10th Senate on Monday matched words with action as it inaugurated a probe panel, charging it to leave no stone unturned in going after the money.
Chairman of the Senate panel, Isah Jibrin accepts the responsibility and assured that he and his colleagues will do a thorough job and will not be compromised in the process.
Present at the inauguration of the Senate Probe panel was the Minister of Finance and Coordinating Minister of the Economy, Wale Edun who had last week blamed the level of inflation in the country on the money printed in form of ways and means by the CBN to the administration of President Muhammadu Buhari.
Others at the event include the Minister of Budget and National Planning, Atiku Bagudu and the Governor of Central Bank of Nigeria, Olayemi Cardoso.
The Senate probe panel has six weeks to complete work on the assignment.
