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Senate To Resume Investigation Into N30 Trillion CBN Loans
The Senate panel probing the N30 trillion Ways and Means loans has received additional documents and will resume its investigation after reviewing them.
EKO HOT BLOG reports that the Senate panel investigating the N30 trillion Ways and Means loans taken from the Central Bank of Nigeria (CBN) by the Federal Government has received additional documents from the Office of the Accountant General.
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The panel, which had requested these documents to deepen its probe into the controversial loans, will resume physical sittings after reviewing them. The documents arrived at the National Assembly on Thursday, according to multiple anonymous sources.
Senator Isah Jibrin (APC, Kogi East), Chairman of the Panel, confirmed the receipt and distribution of the documents to all panel members. He assured that the panel would proceed with diligence and resume meetings soon. Jibrin reiterated that the investigation had not stalled but had been awaiting these crucial documents.
Senate N30 Trillion CBN Loans
The Senate resolved on February 20 to investigate the N30 trillion loan, citing reckless spending that contributed to current food and security crises. The panel identified 13 infractions related to obtaining the loan from the CBN. Despite a media report claiming the loans were about N7 trillion, not N30 trillion, Jibrin maintained that the figure under investigation was accurate.
During the Ninth Assembly, President Muhammadu Buhari requested the restructuring of N22.7 trillion Ways and Means loans, with an additional N1 trillion for the 2022 supplementary budget, totaling N23.7 trillion. He explained that the loans were advances from the CBN for emergency funding due to fiscal deficits.
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The Tenth Senate, on December 30, 2023, approved the securitization of an outstanding debit balance of N7.3 trillion of the Ways and Means Advance in the Consolidated Revenue Fund.
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