The Senate ad hoc Committee tasked with probing the N30 trillion Ways and Means loans and the Anchor Borrowers’ Programme (ABP) has reiterated its stance on the full recovery of the loans advanced to the federal government.
Following a meeting with officials from the Central Bank of Nigeria (CBN), chaired by Senator Isah Jibrin (Kogi East), the committee emphasized the imperative of retrieving the loans in their entirety.
After the session with the CBN delegation led by Bala Bello, Deputy Governor of Corporate Services, Senator Jibrin informed journalists about the significant insights gained, which would inform further discussions.
Expressing concerns about approvals granted unilaterally by the CBN Governor, the committee demanded clarification on these decisions within 24 hours.
Senator Jibrin highlighted the commendable repayment performance of the Anchor Borrowers’ Programme, amounting to N1.1 trillion, with a repayment rate of 70%. However, he cautioned about potential default risks totaling N358 billion, particularly among low-income farmers lacking adequate resources for farm management.
Regarding the recovery process, the committee advised that since the loans were facilitated through commercial banks, the onus lies with these banks to pursue borrowers for repayment.
In a separate legislative session, the Senate confirmed the nomination of Gbenga Alade as the managing director of the Asset Management Corporation of Nigeria (AMCON), along with executive directors Adeshola Lamidi, Lucky Adaghe, and Dr. Aminu Murktar Dan’amu.
The confirmation followed the recommendations of the Senate Committee on Banking, Insurance, and other financial institutions, chaired by Senator Adetokunbo Abiru.
Additionally, the Senate passed the sum of N1.282 trillion for the FCT 2024 budget and approved an extension for the implementation of the 2023 Supplementary Appropriation Act until June 30th.
Furthermore, the Senate initiated the amendment of the Extradition Act, 2004, seeking to expand Nigeria’s extradition agreements beyond Commonwealth countries to comply with international obligations against Money Laundering and Terrorism Financing.
In honor of the late Olubadan of Ibadan, Senator Lekan Balogun, the Senate observed a minute of silence, reflecting on his contributions. Although a proposal to immortalize him by naming a committee room after him was not approved, the Senate honored his memory with solemn respect.