Senate Probe Uncovers Infractions in N30 Trillion Ways and Means Loans

The Senate Ad-hoc Committee tasked with investigating the N30 trillion Ways and Means loans obtained by the Federal Government has uncovered 13 infractions in the loan acquisition process. The committee has also announced its intention to summon the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for questioning.

Chairman of the Committee, Senator Isah Jibrin (Kogi East), along with committee members, met with CBN officials led by Bala Bello at the National Assembly on Tuesday to discuss the matter. The investigation focuses on the disbursement and utilization of the massive loan acquired during the administration of former President Muhammadu Buhari.

Senator Jibrin revealed that former CBN Governor, Godwin Emefiele, unilaterally approved billions of naira across various tranches of the loan without adhering to due process. Emefiele’s actions, signing billions of naira in 13 documents without the involvement of the CBN board of directors, were deemed illegal and contrary to the provisions of the CBN Act.

The committee aims to ascertain the total sum of the Ways and Means loan and scrutinize the Anchors Borrowers Programme, which has reportedly reached 70 percent completion under the previous administration.

Furthermore, Senator Jibrin emphasized the committee’s plan to summon Governor Cardoso to provide detailed insights into the Ways and Means loans and shed light on his predecessor’s actions. He underscored the importance of accountability and transparency in handling such significant financial transactions.


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