The Senate ad hoc committee investigating the N30 trillion Ways and Means facility expended by Buhari between 2015 and 2023 has declared that it is fully on course.
Chairman of the Senate committee, Isah Jibrin (APC, Kogi East), gave the insight through a statement he signed refuting an online report alleging that the investigation was in limbo.
The chairman, in his rebuttal, attached a letter of reminder to the Office of Accountant General for the Federation requiring vital information for thoroughness of the probe.
Jibrin, who also chairs the Senate Committee on Customs and Excise Duties, explained in the statement that though the ad hoc committee was given six weeks, when inaugurated in March, to carry out the exercise and report back to the Senate, thoroughness and diligence required for the sensitive national assignment made the committee to exceed the time.
“The essence of an investigation is to come up with factual findings and not just roll a report within the specified time frame. Investigation on the N30 trillion Ways and Means is on course and not in any way in limbo as insinuated by an online platform.
“Some of the required findings have been made and are still being made as clearly shown by a recent letter of reminder to the Office of Accountant General of the Federation,” he said.
Ways and Means is a loan facility through which the Central Bank of Nigeria (CBN) finances federal budget shortfalls. This way of financing government deficits usually results in macroeconomic instability, leading to inflation and high exchange rates because of the excess liquidity injected into the economy.
The CBN law limits advances under Ways and Means to five per cent of the previous year’s revenue. But this has been mostly breached over the years.
To remedy the situation, CBN Governor, Olayemi Cardoso, declared in February that the bank would no longer grant Ways and Means advances to the government “until all outstanding debts are refunded”.
