The indication was made at the Tuesday's plenary, a move the Red Chamber said was aimed at plugging loopholes in future development finance activities of the apex bank.
The upper legislative chamber, the Senate has resolved to set up ad hoc committee to investigate the details of the Ways and Means including the various intervention programme of the Central Bank of Nigeria (CBN), such as the N10trillion Anchor Borrowers’ Programme.
The indication was made at the Tuesday's plenary, a move the Red Chamber said was aimed at plugging loopholes in future development finance activities of the apex bank.
According to the Senate the ad hoc committee in addition will also investigate 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.
On the compliance and transparency of economic actions, the Senate equally resolved that the CBN ensure compliance with the provisions of the Act in respect of Ways and Means and accountability through timely submission of its budget, financial statements and report of its activities to the President and National Assembly as stipulated in the Act.
According to Channels TV, in an extensive debate, Senator Adamu Aliero argued that some state governors including some retired ones in the Senate were beneficiaries of N18bn as shock absorber under the Ways and Means since 2015.
Some lawmakers suggested that a special committee be set up to scrutinise the N30trn intervention disbursements (some of which were grants) and ways to mop them up.
Deputy Senate President Barau Jibrin also explained that the intervention monies were expended outside appropriation without the knowledge of the parliament and so noted that lawmakers have a right to interrogate the expenditure.
Senator Victor Umeh, however, deferred, as he enquired to know how the money was spent before approval by the Senate. The issue of whether or not to investigate the matter raised another furore in the Red Chamber.
Senate President Godswill Akpabio thereafter maintained that owing to the current economic situation, it has become expedient to thoroughly examine the Ways and Means funds.