On March 11, 2024, an ad-hoc committee was inaugurated by the President of the Senate, Godswill Akpabio, to probe the utilization of the N30 trillion Ways and Means advances allocated during the tenure of former President Muhammadu Buhari.
The establishment of this committee follows mounting concerns regarding the transparency and accountability surrounding the allocation and utilization of these substantial funds.
The Ways and Means advances, amounting to N30 trillion, were disbursed by the Central Bank of Nigeria (CBN) to finance various projects and initiatives during the administration of former President Buhari. However, the lack of detailed information regarding the allocation and utilization of these funds has prompted the Senate to initiate an inquiry into the matter.
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The inauguration of the Committee was attended by esteemed dignitaries, including the Minister of Finance, the CBN Governor, the Accountant General of the Federation, and other relevant stakeholders. In his inaugural address, the Senate President emphasized the paramount importance of impartiality, non-compromise, and confidentiality in conducting the investigation.
The Committee, consisting of 17 members with Jibrin Isah appointed as Chairman, was tasked with conducting a comprehensive investigation into the utilization of the N30 trillion funds. The Senate reiterated its unwavering commitment to transparency, accountability, and good governance, underscoring the imperative to address the concerns of the Nigerian populace.
Akpabio urged the Committee members to approach their responsibilities with the utmost sense of patriotism, professionalism, and integrity. He reminded them of the significance of impartiality and fairness, emphasizing the need to unearth the truth behind the allocation and utilization of the funds.
Akpabio said, “The constitution of this committee is a testament to the Senate’s unwavering commitment to transparency, accountability, and good governance. It reflects our dedication to addressing the concerns of the Nigerian people and upholding the principles of democracy.
“To members of this esteemed committee, I implore you to approach your responsibilities with the utmost sense of patriotism, professionalism, and integrity.
“Your investigation demands impartiality and fairness, always keeping the public interest and the welfare of our nation at the forefront.
“We must leave no stone unturned in our pursuit of the truth. Therefore, conduct thorough inquiries and dig out information that will assist the Senate in making laws for the betterment of our country.”
In response, the Chairman of the Committee, Jibrin Isah, assured the Senate of the panel’s dedication to the task, pledging to uphold the interests of Nigerians in their investigative endeavors.
The N30 trillion Ways and Means loan, secured from the CBN under former governor Godwin Emefiele, holds profound implications for Nigeria’s current economic predicament. Critics have pointed to the loan as a significant contributor to the nation’s escalating inflation rate. Moreover, concerns have been raised regarding the apparent lack of tangible outcomes or benefits resulting from the allocation of such a substantial sum of money.
The absence of detailed information regarding the utilization of the funds has fueled speculation and allegations of mismanagement and corruption. Critics have accused the former president of utilizing the loan to favor his associates and allies, rather than investing in projects that would serve the nation’s best interests.
Thus, the initiation of an investigation into the N30 trillion Ways and Means advances signifies a pivotal step toward fostering transparency, accountability, and good governance in Nigeria. By unearthing the truth behind the allocation and utilization of these funds, the Senate aims to address the concerns of the Nigerian populace and uphold the fundamental principles of democracy.
The outcomes of the Committee’s inquiry are expected to have far-reaching implications for Nigeria’s economic and political trajectory. Nigerians are hoping that the committee will not compromise the inquiry.