Home » Senate Summons CBN on N30tn Loan, Seeks Accountability

Senate Summons CBN on N30tn Loan, Seeks Accountability

Investigation Targets Loan Beneficiaries, Spending Details Under Scrutiny

by Ikeoluwa Juliana Ogungbangbe
Senate CBN N30tn Loan Probe

the Nigerian Senate has turned its gaze towards the Central Bank of Nigeria (CBN), focusing on the disbursement and application of a massive N30 trillion “Ways and Means” loan extended during President Muhammadu Buhari’s time in office. Spearheading this inquiry is Senator Isah Jibrin, the appointed chairman of the specially formed ad-hoc committee, who shared insights into the upcoming investigation in a detailed conversation with The PUNCH.

This in-depth probe aims to shed light on the mechanics behind the loan’s acquisition and its subsequent expenditure, which has raised eyebrows across the nation. The “Ways and Means” facility, essentially an overdraft from the CBN, is designed to cover budget shortfalls or address urgent national needs, subject to later approval by the legislature. However, this particular loan has attracted scrutiny due to concerns over its impact on Nigeria’s financial stability and the opaque nature of its spending.

Senator Jibrin’s committee is set to embark on this investigative journey, armed with crucial documents and a mandate to seek clarity from the CBN on several pressing questions. This initiative follows growing anxiety over the alleged unbridled use of the overdraft, which some believe has significantly contributed to the current food and security challenges plaguing the country.

The inquiry, anticipated to commence this week, will delve into the beneficiaries of the loan, the conditions attached to it, and the terms of repayment. “We’re not on a witch hunt,” Senator Jibrin emphasized, outlining the committee’s objective to uncover the details of the loan’s distribution and its implications for national well-being.

As the investigation unfolds, the committee may also call upon former CBN Governor Godwin Emefiele, under whose tenure the loan was released, to provide further insights.  This development marks a pivotal moment in Nigeria’s quest for financial transparency and responsible governance. The Senate’s efforts to probe the N30 trillion loan reflect a broader commitment to ensuring that national resources are used judiciously for the benefit of all Nigerians. Jibrin’s approach reflects a broader concern for the economic decisions made during the Buhari administration and their impact on the country’s current state.

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