Senate Committee Accuses CBN of Stalling Probe Into N30 Trillion Loan

The Senate’s ad hoc committee investigating the controversial N30 trillion “Ways and Means” loan facility has accused the Central Bank of Nigeria (CBN) of obstructing its efforts by withholding crucial documents.

The “Ways and Means” facility is a mechanism through which the CBN provides emergency funding to the federal government to cover budget shortfalls. Allegations suggest that between 2015 and 2023, the federal government accessed a staggering N30 trillion through this facility.

On March 11, 2024, Senate President Godswill Akpabio inaugurated a 17-member committee to probe the matter, with a six-week deadline to report its findings. However, three months later, the probe remains incomplete, with committee chairman Senator Isah Jibrin (Kogi East) blaming the CBN for frustrating the process.

Providing an update on Tuesday, Jibrin revealed that despite repeated requests, the CBN had failed to submit essential documents needed for the investigation. He accused the apex bank of deliberately delaying the process.

“None of the documents was submitted to us,” Jibrin stated. “We will not allow the CBN representatives to attend the next meeting unless a deputy governor is present. What they are telling us is not the truth.”

Hamisu Abdullahi, the CBN’s Director of Banking Services, countered the claim, insisting that the central bank had provided all requested documents. However, the committee chairman dismissed this assertion, saying, “The facts are different. The CBN has consistently denied us access to the documents we need to complete this assignment.”

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Jibrin further disclosed that the committee had no choice but to release an interim report to inform the public about the delays caused by the CBN.

Meanwhile, President Bola Tinubu announced on October 1 that his administration had cleared the over N30 trillion Ways and Means advances. Similarly, Finance Minister Wale Edun stated that the federal government no longer relies on the facility to fund external debt servicing or other financial obligations.