According to a report by The Nation, the Nigerian government has made significant progress in the forensic probe into the N30 trillion "Ways and Means" loans advanced to the previous administration by the Central Bank of Nigeria (CBN), according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Addressing the Senate Committee on Appropriation in Abuja, Edun provided an update on the government's efforts to investigate the massive loans.
"We are also interrogating the N22.7 trillion that we met on the underground. We had instituted forensic audit to see the impact," the minister stated.
Edun further explained that the government is intensifying efforts to recoup revenues owed to it from various sources, as the servicing of the Ways and Means facility is proving challenging.
The minister also addressed the delay in the rollout of electric and Compressed Natural Gas (CNG) vehicles, blaming it on a spike in freight costs.
Despite the setbacks, the minister pledged that his ministry would intensify efforts in monitoring the revenue-generating agencies to ensure they are performing optimally.
"We have paid $700 million in debt services for 420 national development agencies and others," he revealed.
The Senate panel, led by Senator Solomon Adeola, urged the government to prioritize the funding of capital projects, as they are crucial in showcasing the administration's performance.
Adeola emphasized the need for the government to engage more with ministries, departments, and agencies to ensure they are aware of the new payment processes for capital projects.
The senator also raised concerns about the oil and gas sector, noting that the Nigerian National Petroleum Company Limited (NNPCL) has assured the government of a production capacity of 2 million barrels per day, a significant increase from the previous 1.2 million barrels.
The Senate plans to hold a public hearing on the NNPCL, with the Finance Minister invited to participate.