N23.7 trillion Ways and Means: Senate warns executive to sit up for passage
…..blames Finance Minister, Emefiele for delay
The Senate Tuesday sounded serious note of warning to officials of executive arm of government needed for required details on passage of N23.7 trillion Ways and Means Restructuring forwarded to it by President Muhammadu Buhari in December last year.
The upper chamber specifically ordered the Minister of Finance, Budget and National Planning, Zainab Ahmed and Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to within three days, supply required information on the presidential request to the special committee set up for that purpose last year.
It warned that in view 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.
Senate’s warning followed request made by its Leader and Chairman of the Special Committee, Ibrahim Gobir (Sokoto East) which is to interface with the Finance Minister and CBN Governor for details on the N27.3 trillion Ways and Means Restructuring for additional three days.
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 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 report”, he said.
Irked by the submission, the Senate President, Ahmad Lawan, in his response said the Ways and Means request from the President, is a very serious issue that must not be taken with levity by all those concerned.
He declared that the Senate was ready to approve the request after thorough scrutiny which can only be done if required details are provided by relevant officials from the executive arm of government.
“We must have necessary information for passage of the N22.7 trillion request” and apparently as election fever catches senators, Lawan said “time is not on our side in the Senate now in view of 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 but 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 totaling N22.7 trillion”, he said.
It will be recalled that President Muhammadu 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 or fiscal deficit.
“The ways and means balances as at 19th December 2022 is N22.7 trillion.
“I have approved the securitization of the ways and means balances along the following terms ÷ Amount. N23.7 trillion, Tenure 40 years, Moratorium on principal repayment, three years , Pricing interest rate 9%.
“Your concurrence and approval is sought to allow for the implementation of same”.
Attempts made by the Senate to approve the request during passage of the N21.83 trillion 2023 budget on 28th of December last year failed, making it to set up the Senator Gobir-led special committee to liaise with the executive for necessary information. Newsdiaryonline.
