The Senate has directed the Minister of Finance, Budget and National Planning, Zainab Ahmed and Governor of the Central Bank, Godwin Emefiele, to furnish its special committee with details of the N23.7trn loan within three days.
The hallowed chamber warned that in view of next month’s presidential and national assembly elections, it would be forced to adjourn plenary to participate in the campaigns.
The warning followed a Motion by the Leader and Chairman of the Special Panel raised to interface with the Minister and CBN Governor on the dedicated credit, Senator Ibrahim Gobir (APC Sokoto East).
Gobir, who rose through Order 40 of the Senate Standing rules under personal explanation, told the Senate that a series of attempts made by the committee from December 28, 2022 to Tuesday, January 17, 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 28th of December last year.
“For required details on the N22.7 trillion 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.”
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 necessary information for passage of the N22.7 trillion request and time is not on our side in the Senate now in view of the coming general elections.
“If there is 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 provision of required information as regards documents authorising approval and disbursement of the monies totalling N22.7 trillion.”
Buhari had in separate letters to both chambers of the National Assembly on December 21, 2022, sought for approval of restructuring of N23.7 trillion 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.
