Senate Allocates Two-Month Deadline For Ways And Means Loan Investigation

Senate Allocates Two-Month Deadline For Ways And Means Loan Investigation....KINDLY READ THE FULL STORY HERE▶

The Godswill Akpabio-led 10th Senate has directed the ad hoc committee investigating the ‘₦30 trillion ways and means’ loan under former President Muhammadu Buhari to submit its report within two months……….. CONTINUE READING

Naija News reports that the Senate approved the two-month deadline extension after the committee chair, Isah Jibrin, requested it on the Senate floor on Thursday.

On March 11, 2024, the Senate President inaugurated the 17-member ad hoc committee to probe the ₦30 trillion ways and means loan secured under Buhari and report back in six weeks.

However, the deadline has passed, and the panel has yet to submit its report.

Jibrin, the senator representing Kogi East, stated that the investigation is ongoing and being intensified. He explained that the ₦30 trillion figure was based on documents provided by the Central Bank of Nigeria (CBN).

“We felt we needed more details,” Jibrin said. “We were informed that all records, including tenors and repayment schedules, are with the auditor-general’s office. Ondo and the FCT benefited from the ways and means, and there is a repayment schedule. We have written to the auditor-general, but we have not yet received a response.”

The Ways and Means is a loan facility through which the CBN finances the federal government’s budget deficit. Although the CBN law limits advances under ways and means to five percent of the previous year’s revenue, this limit has frequently been breached over the years.

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