By Kasim Isa Muhammad
The Senate has taken steps to investigate the acquisition and utilization of N30 trillion in Ways and Means loans by the Central Bank of Nigeria (CBN) during the tenure of former President Muhammadu Buhari.
The Ways and Means program serves as a lending mechanism for the CBN to support government budget deficits.
Concerns were raised regarding the irresponsible use of these borrowed funds during Godwin Emefiele’s leadership, attributing it to exacerbating food and security challenges in the nation.
A special committee will be formed to scrutinize the utilization of the N30 trillion overdraft, with the Senate noting deliberate concealment of expenditure details from the National Assembly.
The newly proposed ad-hoc committee aims to investigate not only the N10 trillion spent on the Anchor Borrowers Scheme but also a $2.4 billion forex transaction out of a $7 billion commitment allocated for this purpose, alongside other intervention initiatives.
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