Senate panel accuses CBN of stalling probe on N30trn ways and means

The ad hoc committee of the senate has accused the Central Bank of Nigeria (CBN) of frustrating its efforts to investigate the N30 trillion ways and means facility granted to the federal government.

Ways and means is a loan facility through which the CBN finances the federal government’s budget shortfalls.

The N30 trillion ways and means facility was alleged granted to the federal government between 2015 and 2023.

On March 11, 2024, Senate President Godswill Akpabio inaugurated a 17-member ad hoc committee to probe the “N30 trillion ways and means” secured under Buhari and report in “six weeks”.

Three months later, Isah Jibrin, chair of the senate ad hoc committee, said the investigation was still ongoing and being intensified.

‘IT’S FRUSTRATING, NECESSARY DOCUMENTS NOT SUBMITTED’

Providing updates on Tuesday, Jibrin, after receiving an interim report from its consultants, alleged that CBN was frustrating the committee’s efforts.

Jibrin, the senator representing Kogi East, said the CBN has refused to provide the necessary documents to facilitate the investigation, thereby delaying the completion of the assignment.

While Hamisu Abdullahi, director of banking services at CBN, said the apex bank provided all the documents requested, the committee chairman said the facts were different.

“None of the documents was submitted to us. As it is, we will not allow you to attend the next meeting because you have been coming here for the same reason,” Jibrin said.

“The least person that will attend the next meeting should be a deputy governor of CBN.

“What you are telling us is not the truth. We have not received the documents. I don’t want to deceive the public here.”

He said CBN’s action is frustrating the panel from providing a report within a short time as directed by the senate president.

“The information we have here is not different from what we have heard all along,” Jibrin added.

“What we did was to hand over the documents to the consultants, and when the consultants made available to us this interim report, our intention was to hold onto the interim report on the final report.

“We have been compelled to make available this interim report to the general public.

“This is so that they know that we let them know where the problem is, and the problem is that the CBN has denied us consistently the documents that we need to complete this assignment”.

On October 1, President Bola Tinubu said the federal government had cleared over N30 trillion in ways and means advances.

Also, Wale Edun, minister of finance, said the federal government is no longer relying on ways and means to fund external debt service or other liabilities.