• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, July 26, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Probe of N30trn Ways and Means funding hits Nigeria

Ways and Means

The Matters Press by The Matters Press
February 21, 2024
Reading Time: 3 mins read
0
Senate probes $3.5b with NNPC

Senate chamber

Abuja, Feb.21, 2024:The Senate has resolved to constitute an ad-hoc committee to investigate N30 trillion Ways and Means expenditure approved by 9th National Assembly for former President Muhammad Buhari administration.

RELATED POSTS

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

It also said it would investigate the various interventions programmes like Anchor Borrows programme funds, electricity intervention fund among others, following the current economic issues in Nigeria.

Senate resolutions followed adoption of recommendations of report of its Joint Committee on Banking,Finance, National Planning, Agriculture and Appropriations on interaction with Federal Government Economic Management Team on state of the economy at plenary on Tuesday.

The report was presented by Chairman of the Committee Sen.Abdulahi Yahaya (PDP-Kebbi).

Yahaya said Nigerian economy was currently facing challenging times largely caused by distortions resulting from major fiscal and monetary policy actions of previous governments notably the huge direct lending to the federal government by the Central Bank of Nigeria to the tune of about N30 trillion.

He also listed operation of an opaque fuel subsidy regime and a series of interventions by the Central Bank of Nigeria which seemed not well targeted as the issues.

This, he said resulted in rising inflation especially food, and persistent naira depreciation.

“Expectedly, the on-going efforts by the current administration to correct the anomalies of the past have come with some painful economic conditions which need to be ameliorated.

“In reaction to the current economic hardship Nigerians are going through, the Joint Senate Committee on Banking, Insurance and other financial Institutions, Finance, National Planning, Agriculture and Appropriation, held an interactive session with the key members of the Federal Government’s economic management team.”

He said the aim was to ascertain the true state of affairs of Nigeria’s economy, the nature of the challenges and measures being put in place to address them within the shortest possible time.

He said the recommendations lfrom the interaction was the urgent need to bring down inflation, boost food production and stabilize the economy through proper coordination of fiscal and monetary policies.

Senate after intensive debate on the report by lawmakers also adopted the 15 recommendations in light of the economic issues.

It urged government to prioritise liquidating the N30 trillion Ways and Means obligation of the federal government through a quicker resolution mechanism than the current securitization arrangement of over a period of 40 years.

It said the CBN should put in place measures to ensure the repayment of various intervention programmes by the beneficiaries after a thorough evaluation of their performance.

This senate said would help reduce money supply.

“The quasi-fiscal measures totalling N10 trillion of which the Anchor Borrower programmer is a major part should be further interrogated by the Committee with a view to plugging loopholes in future development finance activities of the Bank.”

It also recommended further interrogation of the 2.4 billion dollars forex transactions adjudged invalid out of the outstanding 7 billion dollars obligations with to identify culprits and meting out appropriate sanctions to serve as deterrent.

This, it said would ensure transparency, and boost confidence in the market.

It also called for rapid social safety net interventions to provide interventions in the area of food and transportation to alleviate suffering of vulnerable Nigerians and mitigate the impact of economic challenges.

It also urged the CBN to 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.

Other recommendations adopted by senate includes addressing issues of land tenure systems in Nigeria for agricultural investment, give incentives to manufacturers of farming equipment to manufacture or assemble them locally.

It also called for provision of security that empowers farming clusters and associations to ensure security in their communities, provide smallholder farmers with access to credit, inputs, modem farming techniques, and extension services to increase their productivity and yields.

It also encouraged adoption of mechanized farming techniques and technologies to improve efficiency and productivity in agriculture among others.

Tags: Ways and Means
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Nigerian firms to handle $4b gas project
Economy/Technology

ADC’s claim on refinery sale, horrendous half truth

July 23, 2025
Tinubu inaugurates economic council
Energy

‎No political undertone in Tinubu’s befitting honour for Buhari, TDF ‎

July 23, 2025
Babangida Aliyu’s Exit from ADC, a testament to Coalition’s deceitful recruitment- Group
Economy/Technology

‎Stop scapegoating Tinubu, stick to ethics of internal democracy, Group tells ADC ‎

July 20, 2025
Next Post
Mangal, Sinoma in deal for $600m cement factory

Nigeria threatens to open borders for inflow of cement amidst price hike

Swiss Bank expects profit of $50bn

Nigeria to raise $10bn to boost liquidity, Naira stability

Recommended Stories

EFCC pushes for Amosu’s final forfeiture of N2.2b

EFCC pushes for Amosu’s final forfeiture of N2.2b

November 6, 2018
South East rail in progress, Amaechi assures Igbo

Lagos-Calabar rail for inauguration September

April 7, 2022
Egypt’s economic strides excite AfDB

AfDB achieves gender parity in workforce

March 10, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight
  • IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎
  • ‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us