The Nigerian Senate has accused the Central Bank of Nigeria (CBN) of not cooperating with its investigation into the N30 trillion Ways and Means loan given to the last administration from 2015 to 2023.
The Senate’s ad-hoc committee, led by Senator Jibrin Isah, is examining how the funds were used, especially in covering government budget deficits. However, the committee claims the CBN is not providing the necessary documents needed to complete the investigation.
The probe started after a Senate resolution on February 20, 2024, to review how former President Muhammadu Buhari’s administration used the loan. Senator Isah blamed Nigeria’s current food shortages and security problems on reckless spending by the former CBN governor, Godwin Emefiele.
Senator Isah stated that the committee has not received any documents from the CBN, despite multiple requests. He expressed frustration, saying, “None of the documents was submitted to us.”
He warned that unless a deputy governor from the CBN attends the next meeting, the Senate will not accept any more excuses.
He also revealed that consultants hired to analyze the loan transactions faced similar challenges. Even after personally meeting with a deputy governor of the CBN, the documents were still not provided. The committee had to release an interim report to the public to show the challenges they are facing.
In response, Hamisu Abdullahi, the Director of Banking Services at the CBN, insisted that the bank had already provided all necessary documents to the consultants.
However, the committee chairman rejected this claim, stating that preliminary reports indicate serious financial irregularities, particularly from the CBN’s side.
Despite these obstacles, the Senate committee has vowed to continue its investigation and ensure transparency in how the N30 trillion loan was spent.