Federal Government Set to Audit N22.7 Trillion Ways and Means Loan Approved Under Former President Buhari’s Administration.
The Federal Government has taken steps to Audit the N22.7 Trillion Ways and Means loan endorsed during the tenure of former President Muhammadu Buhari, aiming to ensure transparency and accountability in financial management.
According to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, speaking at the Public Wealth Management Conference in Abuja on February 20, 2024, the specifics of this audit will be made public in the near future.
The conference, hosted by the Ministry of Finance Incorporated (MOFI), focused on strategies for effective asset and resource management for the nation’s prosperity.
Key dignitaries present included Vice President Kashim Shettima, Minister of Industry, Trade and Investment Doris Uzoka-Anite, Minister of Agriculture Abubakar Kyari, and Cross Rivers State Governor Bassey Otu. Representatives from the World Bank, private sector, and diplomatic community were also in attendance.
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Minister Edun addressed the necessity of managing liquidity, highlighting the Central Bank’s recommendation to curtail and eventually eliminate the Ways and Means borrowing mechanism. He underscored the ongoing audit process of the N22.7 trillion backlog, likening it to conducting a thorough review before repaying a bank loan.
Furthermore, Edun acknowledged the challenges inherited by the current administration, particularly the escalated food and commodity prices. Despite this, he assured the government’s dedication to stabilizing prices and addressing inflation.
In response to the plight of Nigerians, the government has implemented measures to alleviate hardships, including the distribution of 42,000 metric tons of grains, with an additional 60,000 metric tons set to be released soon.
It’s worth noting that in May 2023, prior to the end of President Buhari’s tenure, the Senate approved the restructuring of the N22.7 trillion loans extended by the Central Bank of Nigeria (CBN) under the Ways and Means provision. This provision allows the government to obtain short-term financing from the CBN to bridge cash flow gaps caused by delayed revenue receipts.
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