Senate Sets Up Panel to Probe Alleged N30trn CBN Ways and Means Advances to Buhari

The Senate yesterday set up an adhoc committee to investigate the disbursement and usage of the N30 trillion Ways and Means loan advances which the Central Bank of Nigeria made available to the administration of former president Muhammadu Buhari.

The Deputy President of the Senate, Barau Jibirin who presided over the plenary, announced the composition of the special committee..

Barau said the adhoc committee will be chaired by Jibirin Isah, the senator representing Kogi East Senatorial District.

He directed the committee to report back to the senate within four weeks.

The Senate had last week, resolved to probe the alleged N30 trillion CBN advances to the Buhari administration, when Godwin Emefiele was the head of the apex financial institution.

The Deputy Senate President alleged that the Ways and Means loan was one of the major factors that caused inflation and high cost of living in the country.

He explained that if such huge advances remain unpaid, it will continue to appear in the balance sheet of the CBN.

He urged members of the adhoc committee to conduct a proper investigation into the issue with a view to recovering funds not appropriately disbursed..

Barau said, “According to statistics, broad money supply, which is a key parameter for key inflationary trends, increased from N78.3 to 78.4 trillion in 2023. The highest ever recorded in Nigeria.

“The Central Bank of Nigeria’s Ways and Means which provides direct lending to the federal government of Nigeria causes unprecedented liquidity in the economy and the current inflationary pressure that we are experiencing.

“The financial obligation to the CBN now stands at N30 trillion. The inability to repay this temporary accommodation by the federal government of Nigeria led to the regularisation of a 40 year loan at 9 percent interest per annum.

“By implication, this debt will appear in the balance sheet of CBN for the next 40 years until liquidated. It is therefore imperative to interrogate the loans of the N30 trillion Ways and Means with a possibility of recovering whatever possible” he added.

Members of the committee are, Chairman, Senate Committee on Finance, Senator Sani Musa; Chairman, Senate Committee on Appropriation, Senator Solomon Adeola; Ekpeyong Asuquo (APC, Cross River North); Mohammed Monguno (APC, Borno North); Victor Umeh (LP, Anambra Central).

Others are Aliyu Wadada (SDP, Nasarawa West), Abdul Ningi (PDP, Bauchi Central) and Ipalibo Harry (Rivers West).