Senate Panel Seeks Extension for N30tn Ways and Means Loan Investigation

The Senate panel tasked with investigating the N30 trillion Ways and Means loans obtained from the Central Bank of Nigeria (CBN) by the Federal Government, under the leadership of Godwin Emefiele, has announced its intention to seek an extension for the allotted investigation period.

The panel, inaugurated on March 11, 2024, by Senate President GodsWill Akpabio, was initially given a six-week ultimatum to investigate the loans. This directive also included an inquiry into the over-N1 trillion Anchor Borrowers’ Programme administered by the CBN during the previous administration.

Under the stewardship of Senator Isah Jibrin (APC, Kogi East), the panel has reportedly uncovered approximately 13 financial infractions allegedly tied to the acquisition of these loans; it was disclosed that the panel would summon the CBN Governor, Olayemi Cardoso, along with several directors of the apex bank, notably those who served alongside Emefiele.

Despite making progress, the committee’s efforts were disrupted by the Senate’s adjournment for recess after just three meetings.

This adjournment meant that the six-week deadline, which expired on April 26, 2024, could not be met.

Responding to queries by journalists regarding the missed deadline, Senator Jibrin assured the public that the panel would pursue an extension once the Senate reconvenes. He emphasised the commitment to conducting a thorough investigation into the matter.

“The Senate has been on recess for about a month now; we will seek an extension when we resume. We will ensure that a thorough job is done,” Jibrin stated.

The resumption of the National Assembly, initially scheduled for April 23, was postponed to April 30.

This delay allows the panel to formalise their request for an extension and resume their inquiry into the contentious loans and related financial programs.

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