N23.7trilliion Ways and Means: Senate cautions executive on need to brace up for passage

***Blames Finance Minister, Emefiele for delay

The Senate has cautioned some officials in the executive arm of government to furnish it with required details for the passage of N23.7trillion Ways and Means Restructuring forwarded to it by President Muhammadu Buhari in December last year .

Controversy had trailed President Muhammadu Buhari’s request for approval of restructuring of N22.7trillion Ways and Means advances given the federal government by the Central Bank of Nigeria (CBN) when the senators penultimate week turned down the request amidst rowdy session.
The lawmakers raised objections while considering the report of the Committee on Finance for Approval of restructuring of N22.7trillion Ways and Means advances collected by the Federal Government from Central Bank of Nigeria (CBN) within the last ten years.

However, President Buhari while reacting to the lawmakers objection had told the senate during a meeting that should they continue with their resolve to block the plan to restructure government loans from the Central Bank, the country will be made to pay an extra $4 billion to service its debt.

Buhari indicated that should they fail to grant the securitization approval it will cost the government about 1.8 trillion naira in additional interest in 2023.
However at plenary on Tuesday the lawmakers specifically asked the Minister of Finance, Budget and National Planning, Zainab Ahmed and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to supply required information on the presidential request to the special committee set up for that purpose last year within three days

The red chamber warned that in view of Presidential and National Assembly elections coming up next month, it will be forced to adjourn plenary this week or latest by Tuesday next week for practical participation in campaigns.
Senate’s warning came after a request made by its Leader, Senator Ibrahim Gobir (APC Sokoto East) who is the Chairman of the Special Committee set up to interface with the Finance Minister and CBN Governor for details on the N27.3trillion 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 N22.7trillion 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.
Apparently piqued by the submission, the President of the Senate, 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.
The Senate President declared that the upper legilative chamber is 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 N22.7trillion request and 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 totalling N22.7trillion”, he said.

President Muhammadu Buhari had in separate letters to both Chambers of the National Assembly on December 21, 2022, sought for approval of restructuring of N23.7trillion 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.

“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 40years, 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 N21.83trillion 2023 budget on 28th of December last year failed , making it to set up the Senator Gobir led special committee to laise with the executive for necessary information.