Senate President Godswill Akpabio on Monday inaugurated an ad hoc committee of the Senate to probe the N30 trillion Ways and Means loans secured under the administration of former President Muhammadu Buhari.
The Senate had in February, resolved to probe the loan secured during the two terms of President Buhari.
Ways and Means is a loan facility through which the Central Bank of Nigeria (CBN) provides short-term financing to cover the government’s budget shortfalls.
The total number of these loans had risen to N30 trillion at the time Buhari left office. The last of such loans he collected was N22.7 trillion he had asked the National Assembly to approve in December 2022.
Akpabio charged the committee to remain open to constructive input and feedback, pointing out that the success of the committee hinges on collaboration, cooperation, and a steadfast commitment to the common good.
He advised committee members to eschew personal and partisan interests, focusing solely on the task at hand, adding that 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 organsations. Their valuable insights and perspectives will strengthen the credibility and comprehensiveness of your findings and recommendations,” the Senate president added.
Akpabio reiterated the need for the country to work towards having responsible management of the Ways and Means in the country.
