The Senate has ramped up its investigation into the N30 trillion Ways and Means facilities granted to the Federal Government by the Central Bank of Nigeria (CBN) between 2014 and 2023. Last Thursday, the Senate extended the assignment of the Ad-hoc committee handling the probe by an additional two months.
Senator Isah Jibrin (APC Kogi East), who chairs the Ad-hoc committee established in March, requested more time, citing delays in receiving crucial information from several relevant agencies involved in the utilization of these funds.
During a telephone conversation with journalists in Abuja on Saturday, Senator Jibrin, who also chairs the Senate Committee on Customs and Excise Duties, explained that the extension would enable the committee to intensify its efforts.
“Most of the relevant agencies have been contacted, and their documents are being meticulously scrutinized regarding the spending of the disbursements obtained through the Ways and Means facilities,”
Senator Jibrin stated. “As this is a highly sensitive national task, the committee is committed to conducting a thorough investigation without rushing to conclusions.”
Jibrin emphasized that increased pressure would be applied to the few agencies that have not adequately responded to information requests. He warned that heads of non-compliant agencies might be summoned if they fail to provide the necessary information.
“The extended timeframe will ensure that the committee produces a comprehensive investigative report by September this year, detailing how the N30 trillion Ways and Means were disbursed, for what purposes, and how the funds were expended,” he added.
The Ways and Means facility is a loan mechanism through which the CBN finances the federal government’s budget shortfalls. This method often leads to macroeconomic instability, causing inflation and high exchange rates due to the excess liquidity injected into the economy.
Although CBN law limits advances under Ways and Means to 5 percent of the previous year’s revenue, this limit has frequently been exceeded.
In February this year, CBN Governor Olayemi Cardoso announced that the bank would cease granting Ways and Means advances to the government until all outstanding debts are repaid.
