Senate to investigate CBN’s Anchor Borrowers Program and Ways and Means
The Senate has resolved to investigate the N10trn Anchor Borrowers’ Programme and the accountability in the Ways and Means loans by the Central Bank of Nigeria (CBN).
This move is aimed at plugging loopholes in future development finance activities of the CBN.
The Senate plans to set up an ad hoc committee to investigate various intervention programmes such as the Anchor Borrowers’ Programme, monies given to state governments, manufacturers, aviation, banks, excess funding in the power sector, amongst others.
The aim is to scrutinize the details of the Ways and Means that raised the current debt profile of the country.
During the debate, Senator Adamu Aliero 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.
Some lawmakers suggested that a special committee be set up to scrutinize the N30trn intervention disbursements (some of which were grants) and ways to mop them up.
Deputy Senate President Barau Jibrin explained that the intervention monies were expended outside appropriation without the knowledge of the parliament and noted that lawmakers have a right to interrogate the expenditure.
Senator Victor Umeh, however, deferred, as he enquired to know how the money was spent before approval by the Senate.
The Senate equally resolved that the CBN ensured compliance with the provisions of the Act in respect of Ways and Means and accountability through timely submission of its budget, financial statements and report of its activities to the President and National Assembly as stipulated in the Act.
Senate President Godswill Akpabio maintained that owing to the current economic situation, it has become expedient to thoroughly examine the Ways and Means funds.
