The inauguration ceremony was headed by Senate President Godswill Akpabio after a resolution was passed to that effect by the federal lawmakers.
The Nigerian Senate on Monday inaugurated an ad-hoc committee to investigate the alleged corruption which has plagued the efficiency of Ways and Means and the Anchor Borrowers Programme of the Central Bank of Nigeria (CBN).
The inauguration ceremony was headed by Senate President Godswill Akpabio after a resolution was passed to that effect by the federal lawmakers.
The move comes after a decision by the Red Chamber to probe details of the programmes based on monies given to state governments, manufacturers, aviation, banks, and excess funding in the power sector, amongst others which raised the current debt profile of the country, Channels TV reports.
This was part of the Senate’s resolutions following a debate on 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.
In an extensive debate in early February, Senator Adamu Aliero stated that some state governors, including some former senators, had received N18 billion as shock absorbers under the Ways and Means Act since 2015.
The controversy prompted some senators to propose the formation of a special committee to investigate the N30 trillion intervention disbursements (part of which were grants) and methods for collecting them.
In his inaugural address to the ad hoc committee chaired by Senator Isah Jibrin, who represents Kogi East, Akpabio slammed the committee for going to any length in its six-week probe.
He urged committee members to put aside personal and partisan interests, focus on the task at hand, and approach their tasks with balance, dedication, and objectivity.
The inauguration was attended by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the CBN Governor, Olayemi Cardoso; the Accountant General of the Federation, Oluwatoyin Madein; the Auditor-General of the Federation, Shaakaa Chira; the Director General, Debt Management Office (DMO), Patience Oniha, beneficiary ministries, departments and agencies, institutions, states, local governments, and others.
Sources told SaharaReporters how the development finance department of the CBN under its former director, Yusuf Philip Yila gave contracts to cronies and paid for fake purchases under the programme.
Also, the former Chairman of TAK Agro Group, Thomas Etuh, was accused of benefiting from the fraud and diverting proceeds from the sale of fertilizer under the Presidential Fertiliser Initiative (PFI) in connivance with others.
WhatsApp Community
SUBSCRIBE TO OUR NEWSLETTER NOW
Support MATAZ ARISING’ journalism of integrity and credibility.
Good journalism ensure the possibility of a good society, an accountable democracy, and a transparent government.
We ask you to consider making a modest support to this noble endeavour.
TEXT AD: To advertise here – Email ad@matazarising.com
Court blocks deportation of Nigerian PhD Student amid Trump’s immigration crackdown
MaTaZ ArIsInGDallas, Texas Despite a renewed immigration crackdown under President Donald Trump, a federal court in the United States has temporarily blocked the deportation of Matthew Ariwoola, a Nigerian PhD chemistry student at the University of South Carolina. The ruling comes in response to a controversial move by the Department of Homeland Security (DHS), which…
‘Atiku, Peter Obi, El-Rufai’s Coalition Movement Against Tinubu Gather Momentum, Unveil Leaders Of Zonal Structures’
MaTaZ ArIsInGDallas, Texas The opposition coalition movement has reportedly assigned its top leaders to lead operations in its various geopolitical zones as part of measures to strengthen its bases. The party platform for the coalition may be unveiled next week. Recall that the coalition movement has deliberated whether to adopt an existing political party or…
Benue Land Not For Grabs, Enforce Anti-open Grazing Law Without Delay – PDP Tells FG
MaTaZ ArIsInGDallas, Texas The party described the persistent attacks on Benue communities as a grave threat to peace, livelihoods, and human dignity. The Benue State chapter of the Peoples Democratic Party, PDP, has sent a warning to the Federal Government. It called on the government to immediately implement the Open Grazing Prohibition and Ranches Establishment…
