The Senate’s ad-hoc committee investigating the N30 trillion Ways and Means facility utilized by the President Muhammadu Buhari-led federal government from 2015 to 2023 has affirmed that the investigation is proceeding as planned.
Chairman of the Committee, Isah Jibrin (APC Kogi East), issued a statement refuting online reports suggesting the investigation was stalled. In the statement, Jibrin attached a letter sent to the Office of the Accountant-General for the Federation as part of ongoing efforts to gather crucial information for the thoroughness of the probe.
Jibrin clarified that although the committee was initially given six weeks to conclude its investigation and submit findings to the Senate after its March inauguration, the complexity and importance of the national assignment necessitated additional time.
“The essence of our investigation is to deliver factual findings rather than rushing to meet a deadline,” Jibrin emphasized in the statement. “Contrary to recent claims, our investigation into the N30 trillion Ways and Means facility is actively progressing and not stalled.”
He highlighted that significant findings have already been made, with ongoing efforts reflected in the recent reminder letter dated June 19, 2024, titled “Request for Submission of Additional Information” to the Accountant General’s office.
The letter, personally signed by Jibrin, outlines specific details the committee seeks regarding the disbursements under Ways and Means, including names of beneficiaries, amounts and dates of disbursements, purposes, terms, repayment schedules, and adherence to those schedules.
Ways and Means is a mechanism through which the Central Bank of Nigeria (CBN) finances the federal government’s budget shortfalls, a practice that often contributes to economic instability, including inflation and currency depreciation due to increased liquidity.
In response to these challenges, CBN Governor Olayemi Cardoso declared in February a cessation of Ways and Means advances until outstanding debts are settled, highlighting the urgency and significance of the Senate’s investigative efforts.
The Senate committee remains committed to conducting a thorough investigation to ensure transparency and accountability in the utilization of public funds, Jibrin concluded, underscoring the importance of the ongoing inquiry in addressing critical fiscal management issues.
