The Senate Ad-hoc Committee investigating the N30 trillion Ways and Means fund has made a bold move to ensure accountability and transparency in the financial dealings of the Federal Government of Nigeria. Led by Senator Jibrin Isah, the Committee is determined to recover loans offered by the Central Bank of Nigeria and Commercial Banks during the last administration.
In a recent meeting with officials from the Central Bank of Nigeria, the Committee uncovered some concerning practices, including the unilateral approval of funds by the CBN governor, bypassing the Committee of Governors. This raised red flags for the Committee, prompting them to demand explanations within 24 hours.
One of the key areas of focus for the Committee is the Anchor Borrowers Programme, which accounts for a significant portion of the N30 trillion fund. While the programme has shown a promising repayment rate of 70%, there are concerns about the remaining 30% of loans given to low-income farmers. Senator Jibrin highlighted the risks associated with these loans, emphasizing the need for proper management and support for the farmers to prevent defaults.
The Committee has advised commercial banks, through which the loans were processed, to take responsibility for recovering the funds from borrowers. They have also urged the banks to engage in discussions with the farmers to ensure a smooth repayment process.
Overall, the Committee’s investigation aims to ensure that all funds are accounted for and properly managed, with a focus on protecting the interests of the Nigerian people. Stay tuned for more updates as the investigation unfolds.
