The Senate Ad-hoc Committee, led by Senator Isah Jibrin, is set to investigate the N30 trillion Ways and Means loan obtained and spent by the Nigerian government during the Muhammadu Buhari-led administration. Ways and Means is an overdraft taken directly from the central bank to fund budget deficits or address national contingency needs. The Senate has expressed concerns about the alleged reckless spending of the overdraft, linking it to the current food and security crises in the country.
Senator Jibrin revealed that the committee would commence the probe this week, and some background checks have already been initiated based on available documents. He mentioned plans to write to the Central Bank of Nigeria (CBN) seeking clarifications on certain issues related to the Ways and Means loan. The committee aims to understand the agencies and individuals that benefited from the funds, the terms and conditions of the loans, collateral collected, repayment schedules, and other relevant details.
Senator Jibrin emphasized that the investigation is not intended to witch-hunt anyone but to understand the impact of the decisions made and ensure accountability for the use of public funds. The committee will invite CBN officials who were involved in the transactions, and the probe will cover the period when Godwin Emefiele served as the CBN Governor.
It remains to be seen whether the committee will summon Emefiele as part of the investigation. The move comes as part of ongoing efforts to scrutinize financial transactions and ensure transparency and accountability in government expenditures.
