Senate Accuses Central Bank of Nigeria of Obstructing Probe
The Senate has accused the
Central Bank of Nigeria obstructing its investigation into the 30 trillion naira Ways and Means loans and the Anchor Borrowers’ programme issued under President Muhammadu Buhari’s administration
The accusation was made by Senator Isah Jibrin who chairs the Senate Ad-hoc Committee on the Ways and Means facility.
The accusation stemmed from an interim report from the Committee’s Consultants blaming CBN for its failure to provide crucial documents required for the probe.
The Ways and Means advance is a system where the CBN lends money to the Federal Government to cover short-term budget or financial shortfalls.
During the administration of President Muhammadu Buhari, the government reportedly borrowed 30 trillion naira under the watch of Godwin Emefiele as CBN Governor.
These loans require executive approval and must be ratified by the National Assembly with the former Senate President Ahmed Lawan being blamed for approving these loans without proper inspection.
Concerns have been raised over the transparency and
accountability of the 30 trillion naira prompting the Senate to launch an investigation in February 2024.
The committee was initially given four weeks to complete its probe and
to submit its findings to the house.
Unfortunately, a year after its inauguration, the Committee is yet to do so.
Chairman of the committee, Senator Isah Jibrin, criticised the Central Bank for not providing vital information despite multiple requests from affiliates of the Committee.
While dismissing speculations that the Senate had been compromised, he pledged the Committee’s commitment to ensuring accountability and
transparency in the management of public funds.
The Director of Banking Services, Central Bank of Nigeria, Hamisu Abdullahi, claimed that CBN had provided all the requested documents, a claim that was refuted by Senator Isah Jibrin
As a way of fixing the situation, in February, the CBN Governor, Olayemi Cardoso, said the bank would no longer grant ways and means advances to the government until all outstanding debts are refunded.
