The Senate ad hoc committee probing the N30 trillion Ways and Means advance facility granted the former President Muhammadu Buhari-led administration by the Central Bank of Nigeria (CBN) has debunked reports that the exercise has been abandoned.
Chairman of the Committee Senator Isah Jibrin, in a statement yesterday, refuted the report which alleged that the investigation is in limbo. Jibrin, in the rebuttal, attached a letter of reminder it wrote to the Accountant General of the Federation requesting further vital information to assist the panel’s investigations.
Senator Jibrin explained that though the committee was given six weeks to work and report back, but the time was exceeded because the committee needed to do a thorough job.
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He said: “The essence of an investigation is to come up with facts, not just roll in reports within a specified time frame. Investigation into the N30 trillion Ways and Means is on course and not in limbo as insinuated by an online platform today.
“Some of the required findings have been made, and are still being made as clearly shown by a letter of reminder recently written to the Office of Accountant General of the Federation.”
Ways and Means is a loan facility through which the Central Bank of Nigeria (CBN) finances the Federal Government’s budget shortfalls. This type of loan usually results in macroeconomic instability, leading to inflation and high exchange rates because of the excess liquidity injected into the economy.