Akpabio inaugurates panel to probe N30trn Ways and Means funds secured under Buhari

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Senate President Godswill Akpabio has inaugurated an ad hoc committee of the red chamber to probe the N30 trillion Ways and Means secured under the administration of former President Muhammadu Buhari.


Last month, the upper legislative chamber resolved to probe the loan, secured during the two terms of Buhari.

The Ways and Means is a loan facility through which the Central Bank of Nigeria (CBN) provides short-term financing to cover the government’s budget shortfalls.


Before the ninth national assembly wound down, Buhari had asked the lawmakers in December 2022, to approve N22.7 trillion his administration had secured through the Wways and Means.

The figure has since risen to N30 trillion, according to a joint committee of the senate.

Speaking during the inauguration of the committee on Monday, Akpabio said it should remain open to constructive inputs and feedback.

“The success of this ad hoc committee hinges on collaboration, cooperation, and a steadfast commitment to the common good,” he said.

“Let us set aside personal and partisan interests, focusing solely on the task at hand.

“By working harmoniously, we can ensure that the Ways and Means in Nigeria are managed prudently, efficiently, and in accordance with the law.

“Moreover, confidentiality is paramount to your work. The information and data we gather during our investigations are sensitive and must be handled with the utmost care and discretion.

“Adhering to strict protocols will ensure the security and integrity of the information you uncover.

“In carrying out your mandate, it is imperative that you engage with relevant stakeholders, experts, and organizations.

“Their valuable insights and perspectives will strengthen the credibility and comprehensiveness of your findings and recommendations.”

The senate president said the country must work towards having responsible management of the Ways and Means in the country.