The Senate ad hoc Committee investigating the N30 trillion Ways and Means loans and the Anchor Borrowers’ Programme (ABP) has reiterated the demand for the full recovery of the loans. Senator Isah Jibrin, the Committee’s Chairman, emphasized this stance after a crucial meeting with officials from the Central Bank of Nigeria (CBN) at the National Assembly complex on Tuesday.
During the meeting, the CBN delegation, led by Bala Bello, Deputy Governor of Corporate Services, presented insights on Ways and Means and Anchor Borrowers initiatives. Senator Jibrin expressed satisfaction with the information gathered, highlighting its importance for the committee’s future deliberations.
However, concerns arose regarding approvals granted unilaterally by the CBN governor, deemed irregular by the committee. Senator Jibrin emphasized the need for explanations within 24 hours regarding these approvals, insisting that standard protocols involving the Committee of Governors must be adhered to.
Regarding the Anchor Borrowers’ Programme, which amounts to N1.1 trillion, Senator Jibrin noted a 70% repayment rate, but raised caution over N358 billion loans extended to low-income farmers facing high-risk situations. He warned of potential loan defaults in this segment due to inadequate resources and expertise among these farmers.
The committee advised that commercial banks, through which the loans were processed, bear the credit risks and should initiate recovery procedures from the borrowers. Senator Jibrin stressed the importance of round table discussions between these banks and the CBN to resolve outstanding issues.
In other Senate proceedings, Gbenga Alade was confirmed as the managing director of AMCON, alongside appointments of Adeshola Lamidi, Lucky Adaghe, and Dr. Aminu Murktar Dan’amu as executive directors. These confirmations followed the Senate Committee on Banking, Insurance, and Financial Institutions’ recommendations.
Furthermore, the Senate passed the N1.282 trillion FCT 2024 budget and approved extending the implementation of the 2023 Supplementary Appropriation Act. Amendments to the Extradition Act, 2004, were also passed for a second reading, aiming to broaden Nigeria’s extradition scope and enhance legal processes.
The day’s session ended with a minute of silence to honor the late Olubadan of Ibadan, Senator Lekan Balogun, demonstrating the Senate’s respect for his contributions to the nation.
