Senate Committee to Investigate N30tn Ways and Means Loan Disbursement

The Senate has launched a probe into the disbursement of the N30 trillion Ways and Means loan obtained by the Federal Government during the administration of President Muhammadu Buhari.

Senator Isah Jibrin, the Chairman of the Senate Ad-hoc Committee assigned to investigate the matter, revealed plans to commence the investigation this week.

The Ways and Means loan, an overdraft sourced directly from the Central Bank of Nigeria (CBN), serves to fund budget deficits or address national emergencies, subject to approval by the executive arm of government and ratification by the parliament.

The decision to probe the N30 trillion facility arose from concerns regarding its alleged misuse, contributing significantly to the current food and security crises in the country, as stated by the Senate.

Senator Jibrin emphasized the need for transparency and accountability in how the loan was utilized, citing deliberate attempts to withhold information on its expenditure from the National Assembly.

The committee’s investigation will focus on identifying the beneficiaries of the loan, both at the institutional and individual levels, as well as scrutinizing the terms and conditions governing its disbursement.

Senator Jibrin emphasized the importance of understanding the loan’s impact on the nation’s economy, stressing the need for responsible decision-making in economic matters.

While it remains uncertain whether former CBN Governor Godwin Emefiele will be summoned as part of the investigation, Senator Jibrin outlined the committee’s commitment to uncovering the truth behind the Ways and Means loan, with a view toward ensuring accountability and safeguarding the nation’s financial integrity.