CBN: Senate Probes N30trn Ways and Means
Godswill Akpabio, Nigeria’s Senate President has urged the ad hoc committee set up to investigate the N30 trillion Ways and Means under the administration of President Muhammadu Buhari to be thorough in the work, saying this is not the time for frivolities.
Akpabio gave the order on Monday while inaugurating the committee at the Senate Chamber in Abuja, the nation’s capital.
Recall that the former administration had borrowed over N30 trillion form the Central Bank of Nigeria, CBN under the Ways and Means, thus steering condemnation among Nigerians that President Buhari and Godwin Emefiele, abused the CBN Act.
The Act specified that federal government should not borrow more than five percent of the yearly budget form the apex bank.
That apparently was not what happened under Buhari who estimated to have borrowed N30 trillion from the CBN.
THE Ways and Mean under Buhari has been blamed for the current inflation in the country, because more money was printed under the administration without commensurate production.
Recently too, Akpabio had blamed the former President for destroying the nation’s economy.
Speaking yesterday, the Senate President said the committee had a huge task in their hands, saying they should work for the common good of the country.
He said the outcome of the probe will stop further abuse of the Ways and means in the future, adding that whatever they do must be in the interest of the country, stressing that whatever the committee is doing should not be driven by personal interest.
According to Akpabio, “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.
“In carrying out your mandate, it is imperative that you engage with relevant stakeholders, experts, and organizations.
“Their valuable insights and perspectives will strengthen the credibility and comprehensiveness of your findings and recommendations.”
Few weeks to the end of his administration, former President Buhari had asked the Senate to approve over N22 trillion he borrowed from the CBN.
But records however showed that what the administration borrowed from the apex bank was as much as N30 trillion.
