Senate To Probe CBN’s Anchor Borrowers, Ways And Means
On Tuesday, the Senate decided to look into the N10 trillion Anchor Borrowers' Programme run by the Central Bank of Nigeria (CBN) and accountability in the Apex Bank's Ways and Means loans.
According to the Red Chamber, the action was taken to close any gaps in the CBN's upcoming development funding initiatives.
The Senate decided to establish an ad hoc committee to look into the specifics of the Ways and Means, including the funding provided to state governments, manufacturers, banks, airlines, and the power sector, among other organisations, which increased the nation's current debt profile. Other programmes like the Anchor Borrowers' Programme were also included in the investigation.
Following a discussion on the National Assembly Joint Committees on Banking, Insurance and other Financial Institutions (BIOFI), Finance, National Planning, Agriculture, and Appropriations' report on the status of the economy, the Senate passed resolutions including this one.
Regarding the compliance and transparency of economic actions, the Senate also decided that the CBN ensured accountability and compliance with the Act's provisions regarding Ways and Means by promptly submitting its budget, financial statements, and activity report to the President and National Assembly in accordance with the Act's requirements.
Senator Adamu Aliero contended in a lengthy argument that a number of state governors, including several retired senators, were recipients of N18 billion intended as shock absorbers under the Ways and Means since 2015.
A special committee to examine the N30trn intervention payments (some grants) and strategies for recouping them was proposed by a few parliamentarians.
Legislators have the right to question the expenditure, according to Deputy Senate President Barau Jibrin, who also clarified that the intervention funds were used without authorization and without the parliament's knowledge.
Senator Victor Umeh, however, postponed because he wanted to know how the funds were used prior to Senate approval. Another fracas in the Red Chamber was the question of whether or not to look into the situation.
Following that, Senate President Godswill Akpabio asserted that a thorough review of the Ways and Means funding was necessary given the state of the economy.