N30trn Ways And Means Investigation Not Abandoned – Senate

The Senate’s investigation into the N30 trillion Ways and Means facility used by the federal government between 2015 and 2023 is not in limbo, the Chairman of the Committee has said.

Senator Isah Jibrin, (Kogi East), who is the Chairman of the Committee clarified that although the investigation was initially given a six-week timeline.

Jibrin said the thoroughness and diligence required for such a sensitive national assignment has caused the committee to exceed the time frame.

He emphasised that the purpose of the investigation is to come up with factual findings, rather than rushing to submit a report within a specified time frame.

“The committee has already made some findings and has sent a letter of reminder to the office of the Accountant General of the Federation requesting additional information,” Jibrin said, insisting that the probe has not been abandoned.

The Ways and Means facility, which is a loan facility provided by the Central Bank of Nigeria (CBN) to finance the government’s budget shortfalls, has been a cause of macroeconomic instability in the past.

The CBN Governor Olayemi Cardoso has recently announced that the bank will no longer grant ways and means advances to the government until all outstanding debts are refunded.