In an exclusive interview with The PUNCH, Senator Isah Jibrin, Chairman of the Senate Ad-hoc Committee, disclosed the Senate’s intention to question Central Bank of Nigeria (CBN) officials regarding the acquisition and allocation of the N30 trillion Ways and Means loan during the tenure of the Muhammadu Buhari-led administration.
Appointed as the head of the panel tasked with investigating the matter, Senator Jibrin revealed that the probe would commence this week. The focus of the investigation revolves around the N30 trillion Ways and Means loan disbursed by the former CBN Governor, Godwin Emefiele, to the Buhari administration.
The Ways and Means mechanism allows for the direct acquisition of overdrafts from the central bank to address budget deficits or urgent national needs, subject to executive approval and parliamentary ratification.
The decision to probe the N30 trillion facility was reached by the Senate last week Tuesday, attributing concerns over alleged imprudent spending of the overdraft from the CBN to the prevailing food and security crises in the country.
To delve into the matter further, the Senate established an Ad-hoc committee, chaired by Senator Jibrin, to investigate the utilization of the funds. Notably, the specifics of how the loan was allocated remained undisclosed to the National Assembly, prompting the need for a thorough investigation.
Chairman Isah Jibrin, also referred to as Echocho, confirmed that the committee has initiated preliminary investigations based on available documents. The inquiry aims to shed light on the circumstances surrounding the acquisition and expenditure of the N30 trillion loan, ensuring transparency and accountability in financial matters concerning the nation.
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