The Senate of Nigeria has announced plans to summon officials from the Central Bank of Nigeria (CBN) to provide clarification on the utilization of N30 trillion loans obtained by the Federal Government during the administration of President Muhammadu Buhari.
In an exclusive interview with The PUNCH, Senator Isah Jibrin, Chairman of the Senate Ad-hoc Committee tasked with the investigation, disclosed that the probe would commence this week.
The probe was prompted by concerns over the alleged reckless spending of the N30 trillion “Ways and Means” loan released by the former CBN Governor, Godwin Emefiele, to the Buhari administration. “Ways and Means” loans are overdrafts obtained from the central bank to finance budget deficits or address national contingencies.
Senator Jibrin, also known as Echocho, revealed that the committee had already initiated background checks based on available documents. He stated, “We are looking at next week for the investigation at the committee level, but as chairman, I am not waiting for that.”
The committee aims to ascertain the beneficiaries and terms of the loans, including repayment schedules and collateral. Senator Jibrin emphasized that the investigation seeks transparency and accountability, rather than witch-hunting individuals.
He stressed the importance of understanding the economic impact of such decisions and expressed confidence in the role of the Monetary Policy Committee in shaping policy measures.
While it remains uncertain whether former CBN Governor Godwin Emefiele will be summoned as part of the investigation, the Senate is determined to uncover the details surrounding the utilization of the loans and make informed decisions for the nation’s economic well-being.
