Senate Committee Extends Probe Into N30 Trillion Ways and Means, Grants More Time

The Nigerian Senate is intensifying 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.

Led by Senator Jibrin Isah, the Senate’s Ad-hoc Committee overseeing the probe has been granted an additional two weeks to conclude its assignment. The committee, inaugurated in March by Senate President Godswill Akpabio, has faced delays in obtaining crucial information from relevant agencies involved in the spending of these monetary facilities.

Speaking to journalists in Abuja, Senator Jibrin, who also chairs the Senate Committee on Customs and Excise Duties, emphasized the sensitivity and thoroughness required in the investigation. He highlighted that despite contacting most agencies and scrutinizing documents related to the disbursements, some agencies are yet to provide essential information.

“The Senate recently extended our timeline to further intensify the probe,” Jibrin explained. “We will apply more pressure on agencies that have not fully responded, potentially summoning their heads if necessary.”

He outlined that the committee aims to deliver a comprehensive investigative report by September this year, detailing how the N30 trillion Ways and Means funds were disbursed and for what purposes.

Ways and Means facilities serve as loans from the CBN to cover the government’s budget deficits. This practice, however, can lead to economic instability due to increased liquidity, inflation, and exchange rate volatility. The CBN’s statutory limit for such advances is five percent of the previous year’s revenue, a threshold often exceeded in practice.

In response to these challenges, CBN Governor Olayemi Cardoso announced in February a halt to further Ways and Means advances until outstanding debts are repaid, aiming to restore fiscal discipline and stability.