The Senate’s ad hoc committee investigating the N30 trillion Ways and Means loans provided to the Nigerian government from 2015 to 2023 has accused the Central Bank of Nigeria (CBN) of hindering its efforts to uncover how the funds were spent. The committee, led by Chairman Isah Jibrin, voiced frustration after receiving an interim report from its consultants, which revealed significant obstacles in acquiring essential documents from the CBN.
The Senate had launched the investigation into the Ways and Means facility after concerns were raised about the misuse of the funds, particularly under the leadership of former CBN Governor Godwin Emefiele. The Ways and Means facility is designed to cover budget deficits, but the Senate argues that its unchecked use contributed to the country’s current food and security crises. Despite these concerns, the details of the loans and their spending were not fully disclosed to the National Assembly, prompting the investigation.
During a meeting on Tuesday, Jibrin accused the CBN of failing to provide the requested documents to the consultants, which are crucial to completing the probe. “None of the documents were submitted to us,” Jibrin said, expressing his frustration. “We will not allow you to attend the next meeting because you have been coming here for the same reason. The least person who should attend the next meeting is a deputy governor of the CBN. What you are telling us is not the truth.”
Jibrin emphasized the committee’s commitment to completing the investigation, despite the ongoing challenges. “We want to know how these monies were utilized,” he said, stressing that preliminary reports indicated significant irregularities, especially involving the CBN.
He further explained that while the committee had intended to keep the interim report private until the final findings were ready, the CBN’s actions had forced them to make the information public. “We have been compelled to release this interim report to the public to let them know where the problem lies. The CBN has consistently denied us the documents we need,” he revealed.
Jibrin clarified that, despite the setbacks, the committee remains dedicated to uncovering the truth about the spending of the N30 trillion. “We need all the documents without exception,” he said, urging the CBN to provide the necessary information to the consultants.
In response, the CBN representative, Hamisu Abdullahi, defended the bank’s actions, claiming that the requested documents had already been sent multiple times. “We provided a schedule showing a summary of Ways and Means, including both direct and indirect loans, and we sent it to the email provided by the committee,” Abdullahi stated. He added that the documents could be resent if needed, but insisted that all required information had been provided.
Despite the back-and-forth, the Senate remains firm in its determination to uncover the full details of the N30 trillion loans, and the pressure is now on the CBN to comply with the committee’s requests to ensure transparency and accountability.
