Senator Godswill Akpabio, in his capacity as Senate President, has initiated the establishment of an ad hoc committee in Abuja with the mandate to investigate the utilization of Ways and Means, a credit facility employed by the Central Bank of Nigeria (CBN) to offset government budget deficits. Despite its intended purpose, for certain observers, Ways and Means has become synonymous with the printing of Naira to fund government projects, rather than fostering economic growth. The committee’s task encompasses scrutinizing the allocation of 30 trillion Naira acquired during the tenure of former President Muhammadu Buhari, along with examining the management of the Anchor Borrowers Programme.
During the commencement ceremony, Senator Akpabio underscored the significance of the committee’s mission and urged its 17 members to conduct a meticulous examination of the subject matter. Ways and Means, originally conceived as a short-term financial mechanism for addressing government budget shortfalls, has attracted scrutiny for its potential misuse and lack of transparency in recent times.
Under the leadership of Senator Akpabio, the committee has been allotted a six-week period to conclude its investigation and submit its findings. This timeframe underscores the urgency and seriousness of the matter, as the Senate endeavors to obtain answers regarding the distribution and utilization of substantial financial resources during the previous administration.
The inquiry into the utilization of Ways and Means and the management of the Anchor Borrowers Programme epitomizes the Senate’s commitment to fostering accountability and transparency in governance. By instigating this investigation, the Senate aims to illuminate financial practices that could impact the country’s economic stability and public confidence in governmental institutions.
Senator Akpabio’s directive to the committee underscores the imperative of thoroughness and diligence in conducting the probe. As the committee members embark on their assignment, they are expected to exercise meticulousness and impartiality, ensuring comprehensive examination and analysis of all pertinent information.
The outcome of this investigation could have profound implications for Nigeria’s economic policies and financial management practices. By uncovering any potential irregularities or mismanagement of funds, the Senate endeavors to implement corrective measures to safeguard the nation’s financial integrity and foster sustainable economic development.
The initiation of the ad hoc committee signifies the Senate’s proactive stance in addressing concerns related to fiscal responsibility and accountability. By taking decisive steps to investigate the utilization of Ways and Means and the administration of key government initiatives, the Senate reaffirms its commitment to upholding transparency and accountability in Nigeria’s governance processes.
