In a bid to scrutinize the disbursement and utilization of the N30 trillion Ways and Means loan advances provided by the Central Bank of Nigeria (CBN) during the tenure of former President Muhammadu Buhari, the Senate announced the establishment of an ad hoc committee on Tuesday.
Presiding over the plenary, Deputy Senate President Barau Jibrin disclosed the composition of this specialized committee, with Senator Jibrin Isah, representing Kogi East Senatorial District, appointed as the chairperson.
The committee has been tasked with reporting its findings back to the Senate within a four-week timeframe.
The decision to investigate the alleged N30 trillion CBN advances to the Buhari administration, under the leadership of Godwin Emefiele, the former CBN governor, was reached by the Senate last week.
Deputy Senate President Barau Jibrin pointed out that the Ways and Means loan contributed significantly to inflation and the soaring cost of living in the country. He emphasized the importance of recovering improperly disbursed funds to alleviate these economic challenges.
Jibrin highlighted, “Broad money supply, a crucial parameter for inflationary trends, surged from N78.3 to 78.4 trillion in 2023, the highest ever recorded in Nigeria.” He further elucidated, “The CBN’s Ways and Means, providing direct lending to the federal government, has resulted in unprecedented liquidity in the economy, fueling current inflationary pressures.”
He underscored the urgency of investigating the N30 trillion Ways and Means loans, emphasizing the potential for recovering misallocated funds.
The members of the committee include Senator Sani Musa, Chairman of the Senate Committee on Finance, Senator Solomon Adeola, Chairman of the Senate Committee on Appropriation, as well as Senators Ekpeyong Asuquo, Mohammed Monguno, Victor Umeh, Aliyu Wadada, Abdul Ningi, and Ipalibo Harry, representing various constituencies.
The initiation of this probe signals a significant move by the Senate to address concerns regarding fiscal accountability and transparency in the management of government finances.