N30trn Ways and Means: Senate says investigation not stalled

The Ad-Hoc Committee of the Nigerian Senate investigating the N30 trillion Ways and Means debt incurred during the administration of former President Muhammadu Buhari has debunked reports that its investigation has been stalled.

Chairman of the Ad-Hoc Committee, Senator Jibrin Isah, representing Kogi East, said in Abuja on Monday that the investigation is still on course.

In a statement he issued and made available to journalists, Isah refuted the reports, and attached a letter of reminder written to the Office of Accountant General for the Federation requesting for vital information for thoroughness of the investigative exercise.

Senator Jibrin who doubles as Chairman, 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 assignment had led to the extension of the time.

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

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A copy of the letter of reminder to the AGF which was obtained by Newspot on Monday in Abuja, titled, ‘Request for Submission of Additional Information’, partly read, “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.

Senators were of firm belief that the mishandling of Ways and Means during the Buhari administration resulted in macroeconomic instability, leading to inflation and high exchange rates because of the excess liquidity injected into the economy.