The Office of Accountant General for the Federation has received a letter from the Senate, which is looking into how the President Muhammadu Buhari-led administration obtained and used N30 trillion in Ways and Means funding. The committee is requesting certain papers related to the loans.
Senator Isah Jibrin (APC Kogi-East), the committee’s chairman, stated that the panel was anticipating the OAGF’s materials. Jibrin clarified the matter in a press release, disputing an internet article that said the inquiry was “in limbo.” A copy of the letter the ad-committee chairman wrote to the OAGF requesting important documents needed for the investigation was attached.
Senator Jibrin who doubles as Chairman, Senate Committee on Customs and Excise Duties, explained in the statement that although the ad-hoc committee was given six weeks to carry out the exercise, the need for due diligence made the committee exceeded the time.
He said, “The essence of an investigation is to come up with factual findings and not just roll in the report within the specified time frame.
“Investigation on the N30tn Ways and Means is on course and not in any way, 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.”
Meanwhile, a copy of the letter written by the Senate panel to the OAGF, dated June 19, 2024, read in part, “You may recall our earlier letter on the above subject dated 27th May 2024, requesting for the following additional information on Ways and Means, which you are yet to respond to.
“The required information are details of disbursements under Ways and Means, names of the beneficiaries, amount/date of disbursements, purpose of the disbursements, terms of the disbursement ( where applicable ), repayment schedule ( where applicable ), and adherence to the repayment schedule.”
The PUNCH reports that during the Ninth Assembly, Buhari had in a letter dated December 20, 2022, requested the restructuring of the accumulated N22.7tn Ways and Means loans, alongside an additional N1tn primarily for funding the N819.5bn 2022 supplementary budget, totaling N23.7tn.
In his request, Buhari explained, “The Ways and Means are advances from the Central Bank of Nigeria to the federal government for emergency funding due to delayed fiscal deficits. As of December 19, 2022, the balance of Ways and Means was N22.7tn. I have approved the securitisation of these balances under the following terms: Amount, N23.7tn; tenure, 40 years; moratorium on principal repayment, three years; Interest rate, 9%. Your concurrence and approval are sought to allow for the implementation of the same.”
After the Ahmad-Lawan-led Ninth Senate passed the N23.7tn, the 10th Senate, on December 30, 2023, also approved the securitisation of the outstanding debit balance of N7.3tn of the Ways and Means Advance in the Consolidated Revenue Fund of the Federal Government.
