*Blames Finance Minister, Emefiele for the delay
*Lawan insist it must not be toyed with
Even as financial experts warned against further deeping the country in huge domestic and external debts, the Senate Tuesday stated its readiness to approve the toxic N23.7 trillion Ways and Means expenditure included in the 2023 budget proposal.
Even though the National Assembly had dumped the passage of the amount, saying it will inflict more pains on the dire financial status of the country, but in line with the statements made by the Senate President Ahmed Lawan, to approve every request made by the executive irrespective of how bad such a request could be, the Red Chamber yesterday said it was desirous of giving approval for the humongous amount of money to be spent as requested by the presidency through such borrowing plan considered by majority of Nigerians as economic Tsunami.
The Senate therefore Tuesday cautioned some officials of Executive Arm of Government to hasten up and provide it with the required details on the N23.7trillion Ways and Means restructuring and expenditure contained in the budget proposal sent to it by President Muhammadu Buhari in December last year.
The Red Chamber specifically instructed the Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed and the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, to within three days, supply thr required information to the special committee set up for that purpose last year.
It also warned that in view of Presidential and National Assembly elections coming up in February, it will adjourn plenary this week or latest by Tuesday next week for all of them to participate in electioneering campaigns.
Senate took the decision followed request made by its Leader, Sen. Ibrahim Gobir (APC Sokoto-East), who is the Chairman of the Special Committee put the time line at three days.
Gobir who spoke through Order 40 of the Senate Standing Rules, told the Senate that series of attempts 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 and so, should not be blamed.
He said: “As a special committee, we hit the ground running immediately after composition on the 28th of December last year. For 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 those questions.
“Now that they are around, we request the Senate to give us additional three days to do a thorough work on the assignment and submit the report,” he said.
Meanwhile, angered 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 the concerned.
The Senate he declared, “is ready to approve the request after thorough scrutiny, which can only be done if the required details are provided by the relevant officials of 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 the up 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 the provision of the 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, after signing the 2023 Appropriation into law 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 finances to fund delayed government expected cash receipt or 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%”
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 Sen. Gobir-led Special Committee to laise with the Executive for necessary information.
