The Senate has resolved to further investigate the 10 trillion naira Anchor Borrowers’ Programme by the Central Bank of Nigeria (CBN), as well as accountability in the Ways and Means loans by the Apex Bank.

The Red Chamber said the move was to plug loopholes in future development finance activities of the CBN.

The Senate also resolved to set up an ad hoc committee to investigate the details of the Ways and Means, including the various intervention programmes such as the Anchor Borrowers’ Programme, monies given to state governments, manufacturers, aviation, banks, excess funding in the power sector, amongst others which raised the current debt profile of the country.

In an extensive debate, Senator ADAMU ALIERO argued that some state governors, including some retired ones in the Senate, were beneficiaries of 18 billion naira as shock absorbers under the Ways and Means since 2015.

Some lawmakers, however, suggested that a special committee be set up to scrutinise the intervention disbursements and ways to mop them up.

Deputy President of the Senate, BARAU JIBRIN also explained that the intervention monies were expended outside appropriation without the knowledge of the parliament and noted that lawmakers have a right to interrogate the expenditure.