UPDATE: Senate set for stormy session Monday over passage of N23.7 trn ‘Ways and Means’

STRONG Indications have emerged that Senators are prepared for a very stormy and rowdy session tomorrow on how to restructure the payment of N23. 7 trillion “Ways and Means” secured from the Central Bank of Nigeria(CBN) in the last 10 years.

Vanguard has gathered that as Senators reconvene tomorrow for the last legislative sitting before they adjourn to allow for the lawmakers to travel to their Senatorial Districts for next month’s Saturday 25th Presidential and National Assembly elections, as the President of the Senate, Senator Ahmad Lawan and the ruling party Senators would insist on the passage, there would be a stiff resistance from the opposition Peoples Democratic Party, PDP.

A Senator who spoke with Vanguard on condition of anonymity who noted that there would be total uproar as in the case of December last yearover CBN loan of N23. 7 trillion to the Federal Government said that why the kick is that the money had been spent and would be a burden on the children yet on born.

According to the Senator, there is provision for Ways and means, but there is no constitutional provision for Ways and means advances, adding that in this case, the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele must resign for constitutional breach and playing on the intelligence of Nigerians.

It was gathered that the Senate would have approved it last week and thereafter close till after the elections, but sensing the body language of the Senators, the President of the Senate was said to have prevailed on the Senate Leader, Senator Ibrahim Gobir, APC, Sokoto East not to include it in the Order paper.

The source further told Vanguard that the Ways and means prevented most of the Senators from travelling especially the PDP Senators to ensure that they were part of the meetings and to avoid being caught unawares.

Senate has now fixed tomorrow for the passage of the Ways and Means, but it would be resisted by the opposition Senators, even though it may be passed at the end of the day after closed door session where the nerves of the Senators must have been calmed by the majority.

The Senator said, ” We will resist the Ways and Means on Tuesday last last month when we kicked against it. There is no constitutional provision for Ways and means advances. This Government is very corrupt, it has put the country in a very serious danger with loans for the unborn generation.”

Recall that for several hours, December 28, 2022, the Senate was thrown into disarray and total uproar over how to restructure the payment of N23. 7 trillion “Ways and Means” secured from the Central Bank of Nigeria(CBN) in the last 10 years.

Following the action, the President of the Senate, Senator Ahmad Lawan had that day forced the Senators to go into a closed door session to avoid Fisticuffs.

“Ways and Means” are soft loans or advances by the Central Bank to the Federal Government to enable it cater for short term or emergency finance to fund delayed government expected cash receipt of fiscal deficits.”

Trouble started last year December when the Chairman Senate Committee on Finance, Senator Olamilekan Adeola, APC, Lagos West came up with a report on Ways and Means 2022 as requested by President Muhammadu Buhari last week.

Soon after the presentation by Senator Adeola, Senator Betty Apiafi, PDP, Rivers West had raised a point of order, with very strong arguement that President Muhammed Buhari’s request was unconstitutional and what the Senate is about to do by considering the request is unknown in Nigerian law.

The Senate became tensed up when the President of the Senate ruled her out of order on the grounds that the report should be presented and read by the committee chairman thereafter lawmakers can contribute to the debate.

Recall that President Buhari had written to the Senate , requesting the approval of restructuring of N23.7trillion Ways and Means advances given to the federal government by the Central Bank of Nigeria.

The President in a letter read by Senate President Ahmad Lawan during Plenary session had explained that Ways and Means are advances from the Central Bank of Nigeria to the federal government for emergency funding of delayed receipt of fiscal deficit .

According to him, the ways and means balances as at 19th December 2022 is 22.7 trillion.

President Buhari further stated in the letter that he has 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% .

Buhari in the letter who noted that Ways and Means are advances from the Central Bank of Nigeria to the federal government for emergency funding of delayed receipt of fiscal deficits, 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 vand approval is sought to allow for the implementation of same”

The Senate had in line with parliamentary procedure , gave the request expeditious consideration by passing it for second reading and mandating its committee on Finance to work on it.

Lawan’s ruling annoyed Senator Betty Apiafi and some Senators, thereby leading to a tensed atmosphere at the hallowed Chamber.

Then, Senator George Sekibo, PDP, Rivers East raised a point of order calling on the President of the Senate to step down the consideration of the report until lawmakers have more details on what the funds were used for.

In a very strong move to kill the report , Senator Sekibo rose through constitutional orders by citing sections 80, 83, Section1,13(1) of the 1999 Constitution and section 38 of the CBN Act to kick against the request.

Sekibo had said, “We came into this Chamber today and we were given the report on report of N22.7tr which has been spent in the past ten years. Whether it is 10 years or 5years, whatever it is, the issue is that such payment when the loans are taken the Senate should be ingmformed we should be abreast with the information that such money is going to be taken because it is being taken on behalf of the people of Nigeria and we are entrusted with the power to.make laws.

” According to the constitution we can appropriate. They brought this without details for us to approve.

“Section 80 of the 1999 constitution as amended all revenues or other monies raised or recieved by the Federation, not being revenue and other monies payable under this constitution or any act of the National Assembly into any other public fund of the federation established for a particular purpose shall be paid into and for and form one consolidated revenue fund of the Federation.

“No money shall be withdrawn from the consolidated revenue filund of the Federation except to meet expenditure that is charged upon the fund or where the issue of those monies have been authorized by an appropriation act, supplementary act or an act passed in pursuance of section 81 of the constitution.

“No money shall be withdrawn from any account other than the consolidated revenue fund of the Federation unless the issue of those monies have been authorized by the act of the National Assembly

“Section 80 (4) no money shall be withdrawn from the consolidated revenue fund or any other fund of the Federation except by the approval of the National Assembly, except in the manner prescribed by the National Assembly

“Section 83. The National Assembly may make provision for the establishment of Federation fund for.the Federation and for.authorising the President if satisfying that there had arisen an urgent unforeseen expenditure to make advances to meet the needs.

“Section 38 of the CBN Act states ” any money collected by federal government as loan or emergency fund in form of Ways and Means Advances , must be refunded before collection of another one.

” Mr President , the relevant laws quoted , clearly shows that the N22.7triillion Ways and Means Advances already spent by federal government without informing the National Assembly was wrong and will be unfair as representatives of Nigerians to approve this request.”

The Senate thereafter went into a closed door session for one hour and the request was stepped down at the end of the day for lack of details.

Spirited attempt made by the Senate President to make Senators back down , proved abortive as many of them , left their seats and shouting , no ! , No , which hurriedly made then to go into close session for about one and half hours.

After the closed session , the Senate as separately announced by Senator Adeola and Lawan , resolved to step down restructuring of N22.7trillion Ways and Means.

For the others, a Special committee was set up to summon the Minister of Finance , Zainab Ahmed; CBN governor , Godwin Emefiele and heads of other relevant agencies for details on expenditure made from the N22.7triillion .

The Committee headed by the Senate Leader, Ibrahim Gobir, APC Sokoto East is to submit its report on 17th January , 2023 when Senate resumed plenary from the New year recess .

Subsequently, on 17th January, 2023 when the Senate resumed plenary, the Upper Chamber warned officials of executive arm of government that are suppose to give required details on passage of N23.7trillion Ways and Means Restructuring forwarded to it by President Muhammadu Buhari in December last year to do so without hesitation.

According to the Senate, it become very imperative for the government officials to appear before it as soon as possible to brief it on the N23.7 trillion Ways and Means against the backdrop that because of next month’s Presidential and National Assembly elections, it would adjourn plenary tomorrow, Tuesday for practical participation in the campaigns.

The Senate specifically asked the Minister of Finance , Budget and National Planning , Zainab Ahmed and the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele, to within three days, supply required information on the presidential request to the special committee set up for that purpose last year .

The warning by the Senate was sequel to request 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 .

Speaking under Order 40 of the Senate Standing rules as amended which has to do with with personal explanation, Gobir explained to his colleagues 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 .

Gobir had 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.”

Not happy with the development, the President of the Senate, Senator Ahmad Lawan while responding said that the Ways and Means request from the President is a very serious issue that must not be taken with levity by all those concerned.

Lawan who declared that the Senate was prepared 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, said, ” 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.”