The Senate has directed the Minister of Finance, Budget and National Planning, Zainab Ahmed, to interface with the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, and ensure that details of the President Muhammadu Buhari’s request for restructuring of the N23.7trn Ways and Means Advances were submitted for Senate scrutiny within three days.
Recall that Buhari had in December last year asked the Senate to approve restructuring, the N23.7trn Ways and Means Advance from the CBN to the executive arm of government.
The Senate, following an uproar that greeted the presentation of the fiscal document for consideration last year, set up an Ad-hoc Committee chaired by the Senate Leader, Ibrahim Gobir, to carry out further legislative actions on the request
The Panel sent out invitations to the Finance Minister, the CBN Governor, and heads of federal ministries, departments, and agencies connected to the details of the Ways and Means Advances, before the red chamber adjourned plenary in December.
However, when senators resumed plenary after the New Year recess on Tuesday, the Senate Leader informed his colleagues that the ad-hoc panel had not been able to sit because details of the Ways and Means Advances had not been provided by the executive arm of government.
The Chamber, therefore, ordered the Minister of Finance and the CBN governor to within three days, supply the required information on the request to the ad-hoc panel.
The Senate warned that because of Presidential and National Assembly elections coming up next month, it will adjourn plenary this week or latest by Tuesday next week for practical participation in campaigns.
Gobir, who rose through Order 40 of the Senate Standing rules under personal explanation, told the Senate that series of attempts made by the Committee from 28th December 2022 to Tuesday, 17th January 2023, to meet the Finance Minister and CBN Governor for the required details proved abortive.
He said, “As a special committee for urgent and thorough assignment, we hit the ground running immediately after composition on the 28th of December last year.
“For required details on the N22.7trillion Ways and Means restructuring, six vital questions were raised, five for the CBN governor and one for the Finance Minister, but their trips abroad prevented us from asking them the questions.
“Now that they are around, we request the Senate to give us additional three days for thorough work on the assignment and submission of the report,” he said.
Not satisfied with Gobir’s suggestions, the President of the Senate Ahmad Lawan, in his response said the Ways and Means request from the President, was a very serious issue that must not be taken with levity by all those concerned.
He said the Senate was ready to approve the request after thorough scrutiny which could only be done if required details were provided by relevant officials from the executive arm of government.
Lawan said, “We must have the necessary information for passage of the N22.7trn request and time is not on our side in the Senate now because of coming general elections.
“If there is a need for the Senate to sit up to Friday this week for thorough consideration and passage of the request, it will be done.
“However, the affected officials from the executive must also expedite action on the provision of the required information as regards documents authorising approval and disbursement of the monies totalling N22.7trn”, he said.
Buhari had in separate letters to both chambers of the National Assembly on December 21, 2022, sought approval of restructuring of N23.7trn Ways and Means.
The President in the letter said, “The ways and means advances by the Central Bank of Nigeria, to the Federal Government has been a funding option to the federal government to cater for short term or emergency finance to fund delayed government expected cash receipt of physical deficit. The ways and means, balance as of 19th December 2022 is N22.7trn.
“I have approved the securitisation of the ways and means balances along the following terms: Amount is N23.7trn. The tenure is 40 years. Moratorium on principal repayment, three years. The pricing interest rate is nine per cent.
“Your concurrence and approval are sought to allow for the implementation of same”
Attempts made by the Senate to approve the request during the passage of the N21.83trn 2023 budget on the 28th of December last year failed.
The development forced it to set up the Senator Gobir-led special committee to liaise with the executive for necessary information.
*Senate to adjourn plenary for electioneering
Meanwhile, the Senate has said it would adjourn plenary next week to enable lawmakers to embark on rigorous campaigns in their various constituencies in preparation for the forthcoming National Assembly elections.
The Senate President stated this during plenary in Abuja.
He said the break would enable lawmakers contesting for various offices during the 2023 general elections to interact with their constituents and canvass for their votes.
He, however, said the Senate may close this week if it was able to deal with urgent issues requiring its attention so that it would not have to sit next week.
He said, “We are prepared to sit up to Friday this week to attend to all urgent issues requiring our attention, so we don’t have to sit next week given the forthcoming elections.” (This Nigeria)
