The Senate President, Godswill Akpabio, on Monday, inaugurated a Senate Ad-Hoc Committee to investigate the Ways and Means, including the Anchor Borrowers Programme by the Central Bank of Nigeria (CBN) under the last administration of President Muhammadu Buhari.
The move comes after a decision by the Red Chamber to probe the CBN 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, Senator Adamu Aliero 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.
In his inaugural address to the Adhoc Committee chaired by Senator Isah Jibrin Echocho, representing Kogi East, Senator Akpabio charged the committee to leave no stone unturned in its 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 investigation at hand, Akpabio reminded them to constantly engage with relevant stakeholders and consultants, to provide invaluable insights while maintaining open lines of communication with the executive and the public, but disclosing no aspect of the report until the task is concluded.
“To the members of this esteemed committee, I implore you to approach your responsibilities with the utmost sense of patriotism, professionalism and integrity. Your investigation demands impartiality and fairness, always keeping the public interest and the welfare of our nation at the forefront. We must leave no stone unturned in our pursuit of the truth. Therefore, conduct thorough inquiries and dig out information that will assist the Senate in making laws for the betterment of our country.
“The success of this Ad-Hoc committee hinges on collaboration, cooperation, and a steadfast commitment to the common good. Let us set aside personal and partisan interests, focusing solely on the task at hand. By working harmoniously, we can ensure that the Ways and Means in Nigeria are managed prudently, efficiently, and in accordance with the law.
“Moreover, confidentiality is paramount to your work. The information and data we gather during our investigations are sensitive and must be handled with the utmost care and discretion. Adhering to strict protocols will ensure the security and integrity of the information you uncover,” Akpabio said.
The inauguration was attended by the Minister of Finance and Coordinating Minister of the Economy; Wale Edun, the CBN Governor; Olayemi Cardoso, Accountant General of the Federation; Oluwatoyin Madein, Auditor-General of the Federation; Shaakaa Chira, Director General, Debt Management Office; Patience Oniha, beneficiary Ministries Departments and Agencies, Institutions, States, Local Governments, and others.
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