by The Senate has resolved to further investigate the N10 trillion Anchor Borrowers’ Programme by the Central Bank of Nigeria (CBN) and the accountability in the Ways and Means loans by the apex bank.
This decision was made with the aim of plugging loopholes in future development finance activities of the apex bank. The Senate has decided to set up an ad hoc committee to investigate the details of the Ways and Means, including various intervention programs such as the Anchor Borrowers’ Programme, funds allocated to state governments, manufacturers, aviation, banks, excess funding in the power sector, among others, which have contributed to the current debt profile of the country.
These resolutions were reached after a debate over 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.
The Senate also resolved that the CBN should ensure compliance with the provisions of the Act in respect of Ways and Means and accountability through timely submission of its budget, financial statements, and report of its activities to the President and National Assembly as stipulated in the Act.
