By Melvin Onwubuke
The senate has launched an inquiry to how N30 trillion ways and means loans was obtained and utilized by the administration of former president, Mohammadu Buhari on Tuesday 20, 2024.
According to The Punch, ways and means is a loan facility through which the CBN finances the government’s budget shortfalls.
The senate set up an adhoc committee to investigate the details of the ways and means obtained and how it was spent, particularly the anchors borrowers programme, monies given to manufacturers and excess funding in the power sector, which has lead to increased country’s debt.
The senate pointed out that the irresponsible spending of the overdraft collected, from the CBN under former governor Godwin Emefiele, was grossly accountable for the current food inflation and insecurity, the country is currently facing.
The committee will investigate the quasi-fiscal measures totalling N10 trillion of the Anchor Borrowers program.
Recall former president Buhari, has in a letter to the National Assembly in January 2023, requested that the N22.7 trillion ways and means should be converted to a 40year bond, with moratorium of 3years.
He also requested approval to borrow an additional N1 trillion to fund the N819.5 billion supplementary budget which legislature the approved last December.
