Amidst fraud and mismanagement that characterized the Anchor Borrowers Program, implemented by the Central Bank of Nigeria (CBN), the senate on Monday, inaugurated an Ad-Hoc Committee to investigate the Ways and Means of the entire scheme.
Lead by the President of the Senate, Godswill Akpabio and other senators at the plenary, the move essentially aimed at investigating details of the programmes based on monies given to state governments, manufacturers, aviation, banks, excess funding in the power sector, amongst others which raised the current debt profile of the country.
This was part of resolutions of the Senate 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.
Senate To Probe CBN’s Anchor Borrowers, Ways And Means
In an extensive debate in early February, Senator Adamu Aliero had 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 that a special committee be set up to scrutinize the N30trn intervention disbursements (some of which were grants) and ways to mop them up.
In his inaugural address to the Adhoc Committee chaired by Senator ISAH Jibrin representing Kogi East, Sen. Akpabio charged the committee to leave no stone unturned in its investigation expected to span six weeks.
He enjoined members of the committee to set aside personal and partisan interests, focus on the task at hand, and approach their responsibilities with utmost balance, devotion and impartiality.
Recognising the sensitivity of the investigation at hand, Sen. 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.
The inauguration was attended by the Minister of Finance and Coordinating Minister of the Economy; Wale Edun, the CBN Governor; Olayemi Cardoso, Accountant General of the Federation; Oluwatoyin Madein, Auditor-General of the Federation; Shaakaa Chira, Director General, Debt Management Office; Patience Oniha, beneficiary Ministries Departments and Agencies, Institutions, States, Local Governments, and others.
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