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

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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.

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