Home News Finance Senate to probe N30tn ways and means loan, summons CBN officials

Senate to probe N30tn ways and means loan, summons CBN officials


The Nigerian Senate has announced plans to investigate the use of the N30 trillion Ways and Means loan obtained by the Federal Government during the administration of President Muhammadu Buhari.

Chairman of the Senate Ad-hoc Committee, Senator Isah Jibrin, disclosed in an exclusive interview with The PUNCH that the panel would commence the probe this week.

Senator Jibrin, outlined the committee’s objectives, stating, “These monies were given out. We want to know the agencies that benefited from those monies. We also want to know the individual Nigerians who benefited. We want to know the terms and conditions. The CBN is not Father Christmas. They are loans; we want to know the beneficiaries of those loans.”

He further emphasised the need for transparency and accountability in the utilisation of the funds, adding, “We are not witch-hunting anybody. This country belongs to all of us, we want to know what actually transpired because we are where we are today because of those reckless exercises.”

The ‘Ways and Means’ loan, an overdraft taken directly from the Central Bank of Nigeria (CBN) to fund budget deficits or address national contingency needs, came under scrutiny following concerns about reckless spending and its impact on the country’s food and security crises.

Senator Jibrin revealed that the committee had initiated background checks based on available documents, with plans to engage CBN officials for further clarifications. 

He highlighted the importance of understanding the terms, conditions, and repayment schedules of the loans, as well as the collaterals collected to mitigate default risks.

“We want to unravel all that happened not to witch-hunt anybody but to know the extent to which Ways and Means advances have been performed and then other decisions can be taken thereafter,” Senator Jibrin stated.

About The Author

Related Articles

The Nigeria Labour Congress (NLC) said it has declined President Bola Tinubu's proposal to accept their proposed minimum wage of ₦250,000 to avoid an increase in petrol prices.

We Accepted ₦70,000 Minimum Wage to Avoid Fuel Price Increase – NLC President

The Nigeria Labour Congress (NLC) said it declined President Bola Tinubu’s offer...

JAMB Names Five Nigerian Universities Allegedly Involved In 'Illegal' Admissions

JAMB Names Five Nigerian Universities Allegedly Involved In ‘Illegal’ Admissions

The Joint Admissions and Matriculation Board (JAMB) has accused five Nigerian Universities...


CBN Resumes Dollar Sales To BDCs After Stopping In March

The Central Bank of Nigeria (CBN) has resumed the sale of dollars...

Kenyan Youth Set For Another Protest Over Finance Tax Bill

Kenyan Court Suspends Police Ban On Protests In Nairobi

A Kenyan High Court on Thursday suspended a police ban on protests...