Confirmation has been made by Senator Isah Jibrin, the Chairman of the Senate panel looking into the N30tn Ways and Means loans obtained from the Central Bank of Nigeria under Governor Godwin Emefiele’s leadership by the Federal Government. The probe is still active and not abandoned, Senator Jibrin affirmed.
Senator Jibrin debunked claims of an abandoned investigation, emphasizing the ongoing nature of the probe. The Senate had on Tuesday, February 20, decided to delve into the N30tn loan, attributing the alleged reckless spending of the CBN overdraft to the current food and security crises in the nation.
Upon its establishment, the panel identified 13 infractions in the loan acquisition process from the CBN. Senator Jibrin, in response to a media report, stressed that the figures in question concerning the Ways and Means advances granted to former President Muhammadu Buhari by Emefiele are already public knowledge.
Regarding the progress of the investigation, the panel chair disclosed, “After our interactions with key figures like the CBN governor, Olayemi Cardoso, the Minister of Finance, and some CBN directors, we decided to dig deeper. We have requested additional documentation from the Accountant-General’s office for a detailed breakdown of the expenditure of the funds.”
Senator Jibrin reiterated, “We have not halted; we are awaiting essential documents from the Accountant-General to proceed. The probe focuses on N30tn, and any contrary information is false propaganda aimed at personal gain.”
While acknowledging the expiration of the committee’s initial timeline, Senator Jibrin emphasized the necessity of thoroughness and accuracy in the investigation process.
President Buhari, in a communication dated December 20, 2022, during the Ninth Assembly, sought the restructuring of the accumulated N22.7 trillion Ways and Means loans, alongside an additional N1 trillion for funding the N819.5 billion 2022 supplementary budget, totaling N23.7 trillion.
President Buhari outlined, “The Ways and Means are emergency advances from the CBN to the federal government triggered by delayed fiscal deficits. As of December 19, 2022, the outstanding balance of Ways and Means stood at N22.7 trillion.”
Following the passage of the N23.7 trillion by the Ahmad-Lawan-led Ninth Senate, the Tenth Senate, on December 30, 2023, also approved the securitization of the outstanding debit balance of N7.3 trillion from the Ways and Means Advance in the Consolidated Revenue Fund of the Federal Government.