Senate Launches Probe into N30 Trillion ‘Ways and Means’ Disbursement by CBN Under Buhari Administration
The Nigerian Senate has initiated a comprehensive investigation into the disbursement of N30 trillion in “Ways and Means” funds by the Central Bank of Nigeria (CBN) during the tenure of former President Muhammadu Buhari. This move comes as part of the Senate’s commitment to transparency, accountability, and good governance.
The Ways and Means facility is a short-term loan mechanism through which the CBN provides financing to cover the government’s budget shortfalls. Senate President Godswill Akpabio emphasized the importance of the investigation, stating that it was crucial to address the concerns of the Nigerian people and uphold democratic principles.
Akpabio highlighted that the Senate had previously requested information on the expenditure of the Ways and Means fund, which was not provided by the Accountant General of the Federation and the CBN Governor. This lack of transparency led to the formation of an ad hoc committee to investigate the issue.
The Senate President noted that the investigation was essential in understanding how the funds were utilized, particularly in light of the current economic challenges facing Nigeria. He urged the committee members to approach their responsibilities with patriotism, professionalism, and integrity.
Committee chairman Isa Jibril expressed gratitude for the opportunity to serve on the committee and called on all stakeholders to cooperate by providing necessary documents and making themselves available for questioning.
The committee’s mandate includes engaging with relevant stakeholders, experts, and organizations to gather insights and perspectives that will strengthen the credibility and comprehensiveness of their findings and recommendations. They are expected to maintain open lines of communication with the public throughout the investigation.
The Senate’s decision to probe the disbursement of Ways and Means funds underscores its commitment to ensuring accountability and transparency in the management of public funds. The outcomes of the investigation are awaited as they could have significant implications for the country’s economic policies and governance practices.
Peoples Gazette
