Senate Set Up Ad-Hoc Committee To Probe CBN’s Anchor Borrowers Program, N30trn Ways and Means

The Senate recently inaugurated an ad-hoc committee to scrutinize the Central Bank of Nigeria’s (CBN) Anchor Borrowers Programme and Ways and Means.

Led by Senate President Godswill Akpabio, the committee’s formation follows deliberations spurred by concerns over the nation’s growing debt profile and the allocation of funds to various sectors.

The initiative follows a decision by the Red Chamber to investigate the allocation of funds to state governments, manufacturers, aviation, banks, and excess funding in the power sector, among other areas, which has contributed to the country’s escalating debt profile.

The decision to probe these programs stemmed from a comprehensive debate in early February, where Senator Adamu Aliero highlighted significant disbursements, including shock absorbers amounting to N18 billion to certain state governors since 2015.

This was part of resolutions of the Senate 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.

In his inaugural address to the ad-hoc committee chaired by Senator Isah Jibrin, aims to conduct a thorough investigation over the next six weeks.

Senate President Akpabio emphasized the importance of impartiality and engagement with stakeholders to ensure the integrity of the process.

Meanwhile,Senator Akpabio, acknowledging the sensitivity of the investigation, emphasized the importance of continuous engagement with relevant stakeholders and consultants to gather invaluable insights. He stressed the need to maintain open lines of communication with both the executive and the public, while also emphasizing the importance of withholding any aspect of the report until the conclusion of the task.

However,In response, the committee’s chairman pledged to carry out the assignment with integrity, urging full cooperation from the executive branch and relevant stakeholders.

The inauguration was attended by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the CBN Governor, Olayemi Cardoso; the Accountant General of the Federation, Oluwatoyin Madein; the Auditor-General of the Federation, Shaakaa Chira; the Director General, Debt Management Office (DMO), Patience Oniha, beneficiary ministries, departments and agencies, institutions, states, local governments, and others.