The Nigerian Senate has accused the Central Bank of Nigeria (CBN) of obstructing its investigation into the N30 trillion “Ways and Means” loans given to the Federal Government between 2015 and 2023.
The chairman of the Senate ad hoc committee handling the probe, Isah Jibrin, made this claim on Tuesday evening after receiving an interim report from consultants hired for the investigation.
Background of the Probe
On February 20, the Senate launched an investigation into how the N30 trillion Ways and Means loans were obtained and used under former President Muhammadu Buhari’s administration. The Ways and Means facility is a type of overdraft from the CBN, used by the government to cover budget shortfalls.
The Senate believes that reckless spending of these loans under the leadership of former CBN Governor Godwin Emefiele contributed significantly to Nigeria’s current economic challenges, including food insecurity and financial instability. To uncover the truth, the Senate formed an ad hoc committee to examine how the loans were spent. However, lawmakers claim that the CBN has refused to release key documents necessary for the probe.
Senate’s Frustration with CBN
Jibrin expressed frustration that the CBN had not provided the required documents to the committee’s consultants, making it difficult for them to complete their investigation.
However, Hamisu Abdullahi, the CBN’s Director of Banking Services, argued that the central bank had already submitted all necessary documents. Jibrin strongly disagreed, stating:
“None of the documents have been submitted to us. We will not allow you to attend the next meeting unless a deputy governor of the CBN is present. What you are telling us is not true. We have not received the documents, and we refuse to deceive the public.”
He further emphasized that the committee’s goal is to complete the investigation as soon as possible, but the lack of cooperation from the CBN is hindering progress.
“The problem is that the CBN is deliberately withholding these documents. I personally visited the CBN and met with Deputy Governor Bala, who promised to provide them, but nothing came out of it. Our consultants have also reached out multiple times, yet no documents have been received.”
Call for Transparency
Jibrin reassured Nigerians that the Senate remains committed to uncovering how the N30 trillion was spent. According to him, preliminary findings indicate major financial irregularities by the CBN, and he insists that all relevant documents must be handed over for a thorough review.
In response, the CBN representative, Abdullahi, maintained that the bank had submitted a summary of the Ways and Means transactions via email multiple times. He said:
“We sent the requested documents three times to an email provided by the committee. If needed, we can resend them immediately.”
Despite this claim, the Senate insists it has not received the necessary documents and warns that the investigation cannot proceed until full transparency is achieved.
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