{"id":414,"date":"2024-07-07T16:15:35","date_gmt":"2024-07-07T16:15:35","guid":{"rendered":"https:\/\/dailyechoes.ng\/?p=414"},"modified":"2024-07-07T16:15:35","modified_gmt":"2024-07-07T16:15:35","slug":"senate-intensifies-probe-on-n30tri-ways-and-means-extends-cttees-assignments-by-two-months","status":"publish","type":"post","link":"https:\/\/dailyechoes.ng\/index.php\/2024\/07\/07\/senate-intensifies-probe-on-n30tri-ways-and-means-extends-cttees-assignments-by-two-months\/","title":{"rendered":"Senate intensifies probe on N30tri.Ways and Means  &#8230;extends C&#8217;ttee&#8217;s assignments by two months"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>By George Mgbeleke (Abuja)<\/p>\n<p>Senate&#8217;s probe into total sum of N30trillion Ways and Means facilities granted the Federal Government at different times from 2014 to 2023 by the Central Bank of Nigeria ( CBN) , got intensified last week ,<\/p>\n<p>Window for intensification of the probe exercise was opened for the Ad &#8211; hoc committee saddled with it last week Thursday by the Senate with two months extension granted for the assignment .<\/p>\n<p>The Chairman of the Ad &#8211; hoc committee set up in March this year , Senator Isah Jibrin ( APC Kogi East ) , had in seeking for more time , informed the Senate that required vital information for the probe exercise, were still being expected from some of the relevant agencies involved in the spending of the monetary facilities.<\/p>\n<p>In telephone conversation with journalists in Abuja on Saturday , Senator Jibrin who doubles as Chairman, Senate Committee on Customs and Excise Duties , said the two months extension granted the Committee by the Senate on Thursday last week , would make it to further intensify the probe exercise .<\/p>\n<p>&#8221; Most of the relevant agencies have been contacted and their documents being thoroughly scrutinized as regards spending of the disbursement gotten from the ways and means .<\/p>\n<p>&#8221; Being a very sensitive national assignment , the committee is carrying out very thorough investigation devoid of rushing into conclusion .<\/p>\n<p>&#8221; More pressures would now be mounted on few of the agencies that have not adequately responded to vital information seeking requests forwarded to them , failure of which would lead to summoning of heads of such agencies .<\/p>\n<p>&#8221; The new time frame given for the investigation by the Senate , will surely make the committee , come up with thoroughly investigative report in September this year on how the N30trillion Ways and Means were disbursed within the period under review , for what purposes and expended &#8220;, he said .<\/p>\n<p>Ways and Means is a loan facility through which the Central Bank of Nigeria ( CBN) , finances the federal government\u2019s budget shortfalls.<\/p>\n<p>This way of financing government deficits usually results in macroeconomic instability, leading to inflation and high exchange rates because of the excess liquidity injected into the economy.<\/p>\n<p>The CBN law limits advances under ways and means to 5 percent of the previous year\u2019s revenue, but this has been mostly breached over the years.<\/p>\n<ul>\n<li>As a way of remedying the situation, the CBN Governor , Olayemi Cardoso, declared in February this year , that the bank would no longer grant ways and means advances to the government until all outstanding debts are refunded.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; By George Mgbeleke (Abuja) Senate&#8217;s probe into total sum of N30trillion Ways and Means facilities granted the Federal Government at different times from 2014 to 2023 by the Central Bank of Nigeria ( CBN) , got intensified last week , Window for intensification of the probe exercise was opened for the Ad &#8211; hoc [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":43,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=414"}],"version-history":[{"count":2,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/414\/revisions"}],"predecessor-version":[{"id":416,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/414\/revisions\/416"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/43"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}