The Nigerian Senate is set to investigate the payment of N30 trillion in “Ways and Means” funds by the Central Bank of Nigeria (CBN) over the past decade. Ways and Means refers to loans or advances provided by the CBN to the federal government for short-term financing needs. The Senate recommends that the government prioritize repaying this debt through a faster resolution mechanism than the current 40-year securitization plan. Additionally, the Senate calls for the evaluation of performance and repayment of various intervention programs by beneficiaries to reduce money supply. The Senate also plans to investigate quasi-fiscal measures amounting to N10 trillion, including the Anchor Borrower program, and scrutinize $2.4 billion in invalid forex transactions. The Senate aims to enhance transparency, confidence in the market, and collaboration between fiscal and monetary policies. Furthermore, the Senate resolves to address security challenges and secure food supply by engaging with security agencies and developing transportation networks and market infrastructure.
