CBN officials To Appear Before Senate Over ‘Missing N30trn’ Loans
Top officials of the Centra; Bank of Nigeria (CBN) are set to appear before the Senate to explain how the N30trn Ways and Means loan was obtained and spent by the Federal Government during the immediate past administration of President Muhammadu Buhari, according to a report carried by The Punch.
The Chairman of the Senate Ad-hoc Committee, Senator Isah Jibrin revealed that the red chamber is set to commence investigations on the controversial N30trn advances approved by the 9th National Assembly under Senate President Ahmed Lawan.
The Senate had penultimate Wednesday appointed Jibrin as the Chairman of the panel to probe the N30trn Ways and Means loan released by the then CBN Governor, Godwin Emefiele, to the Buhari administration.
The ‘Ways and Means’ is an overdraft taken directly from the central bank to fund budget deficits or address national contingency needs. This usually follows the approval of the executive arm of government and is meant to be ratified by the parliament.
The Senate had last week Tuesday resolved to probe the N30trn facility, stating that the alleged reckless spending of the overdraft collected from the CBN largely accounted for the food and security crises currently facing the country.
The red chamber then resolved to set up an Ad -hoc committee to investigate how the fund was spent, explaining that the details of how it was spent were deliberately not made available to the National Assembly.
