The Senate has jettisoned planned final consideration and passage of N22.7 trillion Ways and Means restructuring request forwarded to it and the House of Representatives by President Muhammadu Buhari in December 2022 for expeditious consideration.


The payment of N23. 7 trillion “Ways and Means” was secured from the Central Bank of Nigeria(CBN) in the last 10 years.

Buhari had warned that refusal to pass the N22.7 trillion Ways and Means Restructuring request will place Nigeria at risk of incurring additional N1.8 trillion debt.

At the commencement of plenary on Wednesday, there were indications that the lawmakers would throw out the request against the backdrop that consideration for it was neither listed on the Order Paper used nor mentioned by the Senate Leader, who is the Chairman of the Special Committee set up for that purpose.



It was gathered that senators had vowed to kick against the passage of CBN loan of N23. 7 trillion to the Federal Government because they want the breakdown on how the money was spent and for what purpose.

Recall that the President of the Senate, Senator Ahmad Lawan, had last week Tuesday 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.

The Senate and the House of Representatives would have adjourned plenary on Thursday last week till after the Presidential and National Assembly election, but for restructuring of N22.7 trillion Ways and Means request,

Lawan had said last week that ” 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 coming general elections.

” If there is 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.”


Till the end of yesterday’s sitting, Senator Gobir led committee did not present any report for consideration by the Senate, making the Upper Chamber to adjourn without approving it as earlier planned.

It was gathered the expected details from the executive arm of government on how the N22.7trillion was expended within 10 years , were not provided.

President Muhammadu Buhari had warned three weeks ago that Nigeria risks incuring additional N1.8billion with non – approval of the requested N22.7trillion Ways and Means Restructuring by the National Assembly.

President Buhari who gave the warning when assenting to the N21.83trillion 2023 budget had said : ” Balance of N22.7trillion Ways and Means, has accumulated over several years and represents funding provided by the CBN as lender of last resort to the government to enable it to meet obligations to lenders, as well as cover budgetary shortfalls in projected revenues and/or borrowings.

”I have no intention to fetter the right of the National Assembly to interrogate the composition of this balance, which can still be done even after granting the requested approval.


”Failure to grant the securitization approval will however cost the government about N1.8 trillion in additional interest in 2023 given the differential between the applicable interest rates which is currently MPR plus 3% and the negotiated interest rate of 9% and a 40year repayment period on the securitised debt of the Ways and Means”.

Meanwhile, the Senate yesterday asked the Inspector General of Police, IGP, Usman Alkali Baba to investigate the sudden disappearance of Raymond Gaadi, the Deputy Commandant of Nigeria Security and Civil Defense Corps, NSCDC who was to assume office at the Bayelsa state Command, but upon arrival went missing.

The Senate has also urged the Commandant of the NSCDC to direct an internal investigation into the matter.

Resolutions of the Senate yesterday were sequel to a motion by Senator Emmanuel Orker -Jev, PDP, Benue who raised the alarm on the disappearance of Raymond Gaadi, the Deputy Commandant who was posted from Enugu to Bayelsa state to resume but never assumed office

According to him, the Deputy Commandant had raised alarm that the officer he was meant to take over from was not only resisting to handover, but was threatening him, adding that two days after the Deputy Commandant raised the alarm over threat to his his life, he went missing.


Senator Jev lamented that the authority of NSCDC has displayed little or no concern over the matter since 29th October, 2022.


https://www.vanguardngr.com/2023/01/senate-rejects-n22-7trn-ways-and-means-request/

Senate have spine now to reject Buhari's document and not rubber stamp.....

After all the ones they have approved led to all manner of inflation and price surge... Useless rubber stamped lots

Buhari had warned that refusal to pass the N22.7 trillion Ways and Means Restructuring request will place Nigeria at risk of incurring additional N1.8 trillion debt.

Can someone look at what your president said here, so Nigeria should take 22.7 triilion naira loan to avoid 1.8 trillion naira additional debt.

You see why the country is where it is today - Abeg vote wisely!!!