The Senate has decided to investigate the acquisition and utilization of the N30 trillion Ways and Means loans by the Central Bank of Nigeria during the tenure of former President Muhammadu Buhari.
The Ways and Means program is a lending arrangement that the CBN utilizes to assist in funding the government’s budget deficits.
The Senate highlighted that the irresponsible utilization of the borrowed funds from the CBN during Godwin Emefiele’s tenure significantly contributed to the ongoing food and security challenges in the country.
The Senate decided to establish a special committee to look into how the previous government utilized the N30 trillion overdraft. It was observed that the specifics of these expenditures were intentionally withheld from the National Assembly.
The newly formed ad-hoc committee, set to be established today, will also investigate the N10 trillion spent on the Anchor Borrowers Scheme, a $2.4 billion forex transaction from the $7 billion commitment made for that purpose, along with other intervention programs.
