N30 trillion Ways and Means: Senate faults AGF, says investigation on course

The Senate through its Adhoc Committee investigating the N30 trillion Ways and Means facility expended by President Muhammadu Buhari-led Federal Government between 2015 and 2023 Monday declared that the investigation was course.

Chairman of the Committee, Senator Isah Jibrin, representing Kogi East, made the declaration through a personally signed statement, refuting an online report which alleged that the investigation is in limbo.

Senator in the rebuttal, which he attached the letter of reminder written to the office of Accountant General for the Federation requiring for vital information for thoroughness of the investigative exercise, said, his Committee was yet to be responded to by the AGF.

Senator Jibrin who doubles as Chairman, Senate Committee on Customs and Excise Duties explained in the statement that though the Adhoc 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 had made the Committee to extend the time.

“The essence of an investigation is to come up with factual findings and not just roll in report within specified time frame.

“Investigation on the N30trillion Ways and Means , is on course and not in anyway , in limbo as insinuated by an online platform today .

“Some of the required findings have been made and still being made as clearly shown by letter of reminder recently written to the office of Accountant General of the Federation”, he said.

The letter dated 19th June, 2024, personally signed by Senator Isah Jibrin and titled: “Request for Submission of Additional Information” reads: “You may recall our earlier letter on the above subject dated 27th May, 2024, requesting for the following additional information on Ways and Means, which you are yet to respond to.

“The required information are – Details of disbursements under ways and means, Names of the beneficiaries, Amount/ date of disbursements , purpose of the disbursements , terms of the disbursement ( where applicable ), repayment schedule (where applicable) and adherence to the repayment schedule”.

Ways and Means is a loan facility through which the Central Bank of Nigeria CBN, finances the federal government’s 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 5 percent of the previous year’s revenue, but this has been mostly breached over the years.

As a way of remedying the situation, the CBN Governor, Olayemi Cardoso, declared in February this year, that the bank would no longer grant ways and means advances to the government “until all outstanding debts are refunded”.