Senate committee exposes infractions in N30tn CBN loans disbursement

The Senate Ad-hoc Committee investigating the disbursement of N30 trillion in Ways and Means loans obtained from the Central Bank of Nigeria (CBN) during former President Muhammadu Buhari‘s administration has revealed irregularities in the process.

During a hearing with CBN officials at the National Assembly chaired by Deputy Governor Bala Bello, the committee questioned the immediate past CBN governor, Godwin Emefiele, for unilaterally approving billions of naira in loans reportedly without due process.

Senator Isah Jibrin (Kogi East), chairman of the committee, has announced plans to summon the current CBN Governor, Olayemi Cardoso, to provide clarification on the alleged violations.

Jibrin accused Emefiele of signing billions of naira in 13 documents without sufficient authorization, arguing that such activities violated the CBN Act.

The committee tries to determine the total amount of Ways and Means loans and to ensure accountability in the implementation of loan-funded programmes, such as the Anchors Borrowers Programme, which has used nearly 70% of the funds available.

Jibrin reinforced the committee’s decision to summon Governor Cardoso to present information about the Ways and Means facility and its use, emphasising the importance of financial openness and accountability.

He emphasised the need for Emefiele to offer answers to the current governor, urging collaboration to resolve lingering concerns about the loans and their disbursement.

The committee remains dedicated to its mission of ensuring careful financial management and monitoring in the use of public funds.