By Akinsuroju Olubunmi
Senate to question CBN Governor on N30trn ways and means loan
The Senate’s Ad-hoc Committee investigating the N30 trillion Ways and Means loans to the Federal Government has uncovered 13 irregularities in the loan acquisition process. As part of its inquiry, the Senate plans to summon the Central Bank of Nigeria (CBN) governor, Olayemi Cardoso.
During a meeting with CBN officials at the National Assembly, chaired by Senator Isah Jibrin (Kogi East), the committee identified discrepancies in the disbursement and utilization of the loan obtained during the tenure of former President Muhammadu Buhari.
Jibrin highlighted that the former CBN governor, Godwin Emefiele, had unilaterally approved billions of naira across different tranches of the loan without adhering to due process. Emefiele’s actions, including signing billions of naira in 13 instances, were deemed contrary to the provisions of the CBN Act.
The committee expressed the need for transparency regarding the total amount of the Ways and Means loan and requested a detailed breakdown.
Furthermore, the committee reviewed the progress of the Anchors Borrowers Programme initiated by the previous administration, noting that approximately 70 per cent of the program had been executed, leaving 30 per cent pending completion.
Jibrin announced the committee’s intention to summon CBN governor, Cardoso, to provide insight into the Ways and Means loan and its handling. He emphasized the importance of accountability and indicated that Cardoso should seek clarification from Emefiele, who preceded him as governor.
Senate Ad-hoc Committee, CBN governor