The Senate on Wednesday jettisoned planned final consideration and passage of N22.7trillion Ways and Means Restructuring request made by President Muhammadu Buhari in December, 2022 for expeditious consideration over failure to provide details of the expenditures.
Failure of the Senate to pass the N22.7trillion Ways and Means Restructuring bill puts Nigeria at risk of incurring additional N1.8trillion debt as warned by the President three weeks ago when he assented to N21.83trillion 2023 budget.
The consideration of the bill was listed in the order paper and not mentioned by the Senate leader who chaired the Ad hoc Committee to summon Central Bank and Ministry of Finance.
President of the Senate, Ahmad Lawan, had on Tuesday last week, declared that the Senate was ready to approve the request, provided required details of the spendings were made available by the Finance Minister, Zainab Ahmed and Governor of the Central Bank, Godwin Emefiele.
He said if not for restructuring of N22.7trillion Ways and Means request, the Senate and by extension, the House of Representatives would have adjourned plenary on Thursday last week till after the Presidential and National Assembly election.
“We must have necessary information for passage of the N22.7trillion Ways and Means Restructuring request as time is not on our side in the Senate now in view of the coming general elections.
“If there is a need for the Senate to sit up to Friday ( last 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 had said.
But the Senator Gobir-led committee did not present any report for consideration by the Senate on Tuesday and Wednesday this week , making the Senate to adjourn without approving it as earlier planned.
Sources close to the committee said that the expected details from the executive arm of government on how the N22.7trillion was expended were not provided.
“The reason Senate is yet to consider the bill is that, the CBN and Ministry of Finance are yet to provide details of the expenditure and lawmakers have vowed not to consider the bill,” the source said.
