Emmanuel OchayiThe Nigerian Senate, in Tuesday’s plenary, stood firmly against any potential move by President Bola Tinubu to utilize the Central Bank of Nigeria’s Ways and Means to finance the purchase of Compressed Natural Gas (CNG) buses.
These buses were envisioned as a solution to the transportation woes of Nigerians, following the removal of the fuel subsidy.
Join our WhatsApp ChannelSenator Jarigbe Jarigbe, the head of the Senate’s Committee on Gas, issued a stern warning to President Tinubu, cautioning against any unauthorized spending. He advised the President to pursue a supplementary budget to support his CNG initiative, highlighting that extra-budgetary spending would be in violation of the law.
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In a statement addressing the issue, Senator Jarigbe started by commending President Tinubu for his ambitious CNG initiative, recognizing its potential to alleviate the citizens’ hardships.
He stressed, “The noble initiative would ameliorate the hardship of the citizens. Also, the President needs to come up with a supplementary budget to enable the government to fund the gas value chain, including the provision for CNG infrastructure and CNG vehicles.”
Senator Jarigbe emphasized the importance of funding workshops and training programs aimed at promoting CNG adoption. He underlined that the President should not resort to extra-budgetary expenditures, as such actions would be inconsistent with the legal framework.
Furthermore, Senator Jarigbe expressed the National Assembly’s support for President Tinubu’s initiatives.
He mentioned that a 2023 supplementary budget proposal would be the most appropriate approach, rather than relying on the controversial ‘Ways and Means’ strategy used by previous administrations, which had stirred significant controversy within the Central Bank of Nigeria.
In essence, the Senate’s stance underscores the need for proper budgetary procedures and transparency in financing critical initiatives like the CNG bus project. While they commend President Tinubu’s vision, they insist on adhering to established legal protocols to ensure fiscal responsibility and accountability.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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