Senate Sets up Committee to Probe CBN’s Anchor Borrowers, Ways & Means

UPDATE: The Senate has inaugurated an ad-hoc committee to investigate the Ways and Means and the Anchor Borrowers Programme of the Central Bank of Nigeria (CBN). The inauguration was led by the President of the Senate Godswill Akpabio and other senators.

This is coming after noticing some under hands deals and gross mismanagement of the country’s resources under the former President Muhammadu Buhari. A numbers of development recently proven that Buhari was not in total control of his adminitration, a leadership position he fought to attain after several attempts.

The commmitee inauguration was a decision by the Red Chamber to probe details of the programmes based on monies given to state governments, manufacturers, aviation, banks, excess funding in the power sector, amongst others which raised the current debt profile of the country.

This was part of resolutions of the Senate after a debate over the report of the National Assembly Joint Committees on Banking, Insurance and Other Financial Institutions (BIOFI), Finance, National Planning, Agriculture, and Appropriation on the state of the economy.

In an extensive debate in early February, Senator Adamu Aliero had argued that some state governors including some retired ones in the Senate were beneficiaries of N18bn as shock absorbers under the Ways and Means since 2015.

The debate had led to some lawmakers suggesting that a special committee be set up to scrutinise the N30trn intervention disbursements (some of which were grants) and ways to mop them up.

In his inaugural address to the ad-hoc committee chaired by Senator Isah Jibrin representing Kogi East, Akpabio charged the committee to leave no stone unturned in its investigation expected to span six weeks.

He enjoined members of the committee to set aside personal and partisan interests, focus on the task at hand, and approach their responsibilities with utmost balance, devotion, and impartiality.

Recognising the sensitivity of the investigation at hand, Senator Akpabio reminded them to constantly engage with relevant stakeholders and consultants, to provide invaluable insights while maintaining open lines of communication with the executive and the public, but disclosing no aspect of the report until the task is concluded.

On his part, chairman of the adhoc committee vowed to carry out the assignment devoid of compromise, urging the executive to release information and consistently avail themselves to the committee.  Naira Steadies as Banks Issue Update on FX Purchase

The inauguration was attended by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the CBN Governor, Olayemi Cardoso; the Accountant General of the Federation, Oluwatoyin Madein; the Auditor-General of the Federation, Shaakaa Chira; the Director General, Debt Management Office (DMO), Patience Oniha, beneficiary ministries, departments and agencies, institutions, states, local governments, and others. #Senate Sets up Committee to Probe CBN’s Anchor Borrowers, Ways & Means

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