AGS NEWS – The Senate has announced its plans to interrogate officials from the Central Bank of Nigeria regarding the acquisition and utilization of the N30 trillion “Ways and Means” loan by the Federal Government during the administration of President Muhammadu Buhari.

Senator Isah Jibrin, the Chairman of the Senate Ad-hoc Committee tasked with the investigation, he confirmed that the probe would commence this week.

The Senate initiated the investigation into the N30 trillion loan facility last Tuesday, citing concerns over the alleged extravagant spending of the overdraft from the CBN, which has contributed to the current food and security crises in the country.

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Jibrin, also known as Echocho, revealed that the committee had already begun preliminary assessments based on available documents.

He stated that he intends to request additional information from the CBN before convening the committee for formal investigations.

He emphasized the importance of clarifying how the funds were utilized, including identifying the government agencies and individuals who benefited from the loans, understanding the terms and conditions, and ensuring proper collateralization and repayment schedules.

Jibrin stressed that the aim of the investigation is not to target individuals but to understand the full extent of the Ways and Means advances and their impact on the economy.

He highlighted the need for transparency and accountability in such financial matters to inform future policy decisions.

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Regarding the possibility of summoning former CBN Governor Godwin Emefiele, Jibrin mentioned that while Emefiele’s involvement is pertinent, the focus remains on understanding the broader implications of the loan and subsequent decisions.

As the probe progresses, it remains uncertain whether Emefiele will be summoned to provide testimony before the committee.