Senate gives panel probing ways and means loan two months to submit report

The Senate has granted a two-month extension to the ad hoc committee investigating the “N30 trillion ways and means” loan taken under former President Muhammadu Buhari. This decision came after Isah Jibrin, the committee chair, requested additional time on the Senate floor.

On March 11, 2024, Senate President Godswill Akpabio established the 17-member ad hoc committee to examine the “N30 trillion ways and means” secured during Buhari’s tenure, with an initial six-week reporting deadline. However, the committee has yet to submit its findings, prompting the extension request.

Senator Jibrin, representing Kogi East, explained that the investigation remains active and is being intensified. The delay was highlighted following a report by TheCable on the stalled probe. Jibrin clarified that the N30 trillion figure is based on documents provided by the Central Bank of Nigeria (CBN).

“We needed more details,” Jibrin stated. “We learned that all records, including tenors and repayment schedules, are with the auditor-general’s office. Ondo and the FCT have benefited from the ways and means facility, and there is a repayment schedule. We have written to the auditor-general but have yet to receive a response.”

The “ways and means” facility is a loan mechanism through which the CBN finances the federal government’s budget deficit. Although the CBN law restricts these advances to five percent of the previous year’s revenue, this limit has often been exceeded.