It was noticed that there are some under hand deals and gross mismanagement of fund of the country under the former president Muhammedu Buhari. It was proven that Buhari was not in total control of his administration, a leadership position he fought to attain after several attempt.
This led to the inauguration of the senate ad-hoc committee to investigate the ways and means and the Anchor Borrowers Programme of the Central Bank of Nigeria (CBN), which is headed by the President of the Senate Godswill Akpabio and other senators.
The Red Chamber made the decision on the committee inauguration, to probe details of the programme based on monies given to state governments, manufacturere, aviation, banks, excess funding in the power sector, amongst others which raised the current debt profile of the country.
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, this was part of resolution of the senate.
Senator Adamu Aliero had an extensive debate in early February where he 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 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.
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.
