The Nigerian Senate has announced its intention to launch an investigation into the utilization of the N30 trillion Ways and Means loan obtained by the Federal Government during the tenure of the Muhammadu Buhari-led administration.
Background and Purpose of the Probe
The Senate’s decision comes amidst concerns over the alleged reckless spending of the overdraft acquired from the Central Bank of Nigeria (CBN), which has been linked to the current food and security crises plaguing the nation. The ‘Ways and Means’ loan, commonly used to finance budget deficits or address national emergencies, was released by the then CBN Governor, Godwin Emefiele, to the Buhari administration.
Formation of the Ad-hoc Committee
In response to mounting scrutiny, the Senate appointed Senator Isah Jibrin as the chairman of an Ad-hoc Committee tasked with investigating the matter. Senator Jibrin, also known as Echocho, disclosed plans to commence the probe promptly, with the committee scheduled to convene this week.
Scope of the Investigation
The probe aims to shed light on various aspects of the N30 trillion loan, including its allocation, beneficiaries, terms and conditions, collateral agreements, and repayment schedules. Senator Jibrin emphasized the need for transparency and accountability, stressing that the inquiry is not intended to target individuals but to unravel the circumstances surrounding the loan’s disbursement and subsequent impact on the nation’s economy.
Engagement with CBN Officials
The committee intends to engage with CBN officials, particularly those involved in the decision-making process under Emefiele’s tenure, to provide insights into the utilization of the funds. Senator Jibrin highlighted the importance of understanding the rationale behind the economic decisions made and their implications for the broader society.
Call for Responsible Governance
As the investigation unfolds, the Senate underscores the importance of responsible governance and prudent financial management. The probe seeks to address lingering questions regarding the utilization of public funds and ensure accountability to the Nigerian people.
In conclusion, the Senate’s decision to probe the N30 trillion Ways and Means loan reflects its commitment to transparency and oversight in government expenditures. By holding accountable those responsible for financial decisions, the Senate aims to safeguard the interests of the Nigerian populace and promote sustainable economic development.
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By : Doris Chinwe Omemgbeoji