The Senate ad-hoc committee is actively investigating the N30 trillion Ways and Means facility expenditure by former President Muhammadu between 2015 and 2023. Despite rumors of a delay, Chairman Senator Isah Jibrin confirmed that the probe is progressing smoothly. The committee has exceeded its initial six-week deadline to ensure thoroughness in gathering vital information from the office of the Accountant General for the Federation.
In a recent statement, Senator Jibrin emphasized the importance of factual findings over rushed reports, reaffirming the committee’s dedication to uncovering the truth behind the Ways and Means allocation. The ongoing investigation aims to shed light on details of disbursements, beneficiaries, purposes, terms, repayment schedules, and adherence to repayment guidelines.
Ways and Means, as a loan facility for government budget shortfalls, has often led to macroeconomic instability due to excess liquidity injected into the economy. CBN Governor Olayemi Cardoso announced a halt on Ways and Means advances until outstanding debts are repaid, highlighting the urgency of addressing financial discrepancies.