Senate to Probe N30tn Loan Spent by Buhari’s Administration

0 110

The Senate has announced plans to question officials from the Central Bank of Nigeria (CBN) regarding the utilization of the N30 trillion Ways and Means loan obtained by the Federal Government during the Muhammadu Buhari-led administration.

Senator Isah Jibrin, Chairman of the Senate Ad-hoc Committee, revealed the committee’s intention to commence the probe in an exclusive interview with The PUNCH. The probe focuses on the N30 trillion Ways and Means loan disbursed by the then CBN Governor, Godwin Emefiele, to the Buhari administration.

Ways and Means is an overdraft acquired directly from the central bank to cover budget deficits or address national emergencies, subject to executive approval and parliamentary ratification.The Senate’s decision to investigate the N30 trillion facility stems from concerns over alleged reckless spending of the overdraft, which is believed to have contributed significantly to the current food and security crises in the country.

Last week, the Senate resolved to establish an Ad-hoc committee specifically tasked with probing the N30 trillion Ways and Means loan.

Source: PUNCH

Leave A Reply