The Senate Ad-hoc Committee investigating the disbursement and utilization of the N30 trillion Ways and Means loans obtained from the Central Bank of Nigeria (CBN) during the administration of former President Muhammadu Buhari has revealed uncovering infractions in the process of obtaining the overdraft.
According to reports from the committee, plans are underway to summon the current CBN Governor, Olayemi Cardoso, to provide clarification on certain details related to the alleged infractions. This development emerged during a meeting between the committee, chaired by Senator Isah Jibrin (Kogi East), and officials of the CBN at the National Assembly on Tuesday.
The CBN delegation, led by one of its deputy governors, Bala Bello, engaged with the committee to address concerns regarding the utilization of the N30 trillion loans during the Buhari administration.
Senator Jibrin raised allegations against the immediate past former CBN governor, Godwin Emefiele, accusing him of unilaterally approving billions of naira across various tranches of the loans without adhering to due process. Jibrin further claimed that Emefiele signed billions of naira in 13 documents without proper authorization, contending that such approvals should have involved the CBN Board of Directors.
The Senate committee’s investigation aims to scrutinize the circumstances surrounding the disbursement and expenditure of the N30 trillion Ways and Means loans, with a focus on ensuring transparency and accountability in the utilization of public funds.
As the probe progresses, stakeholders await further revelations and actions from both the Senate committee and the CBN to address the alleged infractions and ensure adherence to due process in the management of financial resources.
