Senate Forms Committee to Probe N30 Trillion Ways and Means Loan
The Senate has established a nine-member ad hoc committee to investigate the disbursement and utilization of the N30 trillion Ways and Means loan acquired by the former President Muhammadu Buhari administration from the Central Bank of Nigeria (CBN).
Deputy Senate President, Barau Jibirin, announced the formation of the special committee during the plenary session, with Senator Jibirin Isah, representing Kogi East Senatorial District, appointed as the chairperson. The committee includes Ekpeyong Asuquo (APC, Cross River North), Mohammed Monguno (APC, Borno North), Victor Umeh (Anambra Central, LP), Olamilekan Adeola (APC, Ogun West), Sani Musa (Niger East), Aliyu Wadada (SDP, Nasarawa West), Abdul Ningi (PDP, Bauchi Central), and Ipalibo Harry (Rivers West).
The deputy senate president instructed the committee to report back to the senate within four weeks.
Last Tuesday, the upper chamber resolved to investigate the N30 trillion advances acquired by the Buhari administration from the CBN under the leadership of Godwin Emefiele.
Mr Jibrin alleged that the Ways and Means loan was a significant factor contributing to inflation and the high cost of living in the country. He explained that failure to repay these substantial advances would continue to impact the CBN’s balance sheet.
Mr Jibrin urged the committee to conduct a thorough investigation to recover the funds, stating, “The financial obligation to the CBN now stands at N30 trillion. The inability to repay this temporary accommodation by the federal government of Nigeria led to the regularisation of a 40-year loan at 9 per cent interest per annum.”
He added, “By implication, this debt will appear in the balance sheet of CBN for the next 40 years until liquidated. It is therefore imperative to interrogate the loans of the N30 trillion Ways and Means with a possibility of recovering whatever possible.”
The establishment of this committee signals the Senate’s commitment to ensuring transparency and accountability in the management of public funds. It also highlights the government’s efforts to address the economic challenges facing the country.
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