The Nigerian Senate has accused the Central Bank of Nigeria (CBN) of frustrating its investigation into the N30 trillion Ways and Means facility provided to the last administration between 2015 and 2023.
Senator Jibrin Isah Echocho, chairman of the Senate Ad-hoc Committee on Ways and Means, made the allegation after receiving an interim report from consultants hired to probe the matter.
According to him, the committee was tasked with investigating how the funds were utilized, particularly in relation to the government's budget deficit financing.
"The problem is that the Central Bank of Nigeria has consistently denied us the documents needed to complete this assignment. That is the truth."
Echocho lamented the CBN’s reluctance to provide key documents necessary for the probe. He stated that despite repeated requests, the apex bank had failed to release crucial records, forcing the committee to make the interim report public.
"None of the documents were submitted to us. We will not allow you to attend the next meeting because you have been coming here for the same reason," he said, emphasizing that only a CBN Deputy Governor or higher-ranking official would be allowed at subsequent hearings.
The senator further alleged that the former CBN Governor, Godwin Emefiele, had mismanaged the Ways and Means facility, leading to food shortages and economic instability.
On February 20, 2024, the Senate passed a resolution to investigate how the Buhari administration utilized the N30 trillion overdraft. However, the committee claims the CBN has been withholding information, delaying progress.
Echocho expressed frustration, stating:
He added that both Senate clerks and consultants had attempted to retrieve the documents directly from the CBN but met dead ends.
In response, Hamisu Abdullahi, the Director of Banking Services, who represented CBN Governor Olayemi Cardoso, denied the allegations, insisting that the apex bank had provided all necessary documents to the consultants.
Despite this, the committee maintains that preliminary findings reveal significant financial irregularities, particularly on the part of the CBN.
As the probe continues, the Senate remains committed to uncovering the full extent of the Ways and Means expenditures, ensuring accountability and transparency in public finances.
