A Clash Over Accountability
The Nigerian Senate’s investigation into the N30 trillion Ways and Means facility has hit a major roadblock, with lawmakers accusing the Central Bank of Nigeria (CBN) of deliberately frustrating their efforts. The Senate Ad-hoc Committee, tasked with probing how the funds were utilized by the previous administration, has expressed frustration over the CBN’s refusal to provide critical documents needed for the investigation.
The N30tn Ways and Means Facility: What’s at Stake?
The Ways and Means facility is a financial mechanism that allows the government to borrow from the CBN to cover budget shortfalls. Between 2015 and 2023, the facility ballooned to N30 trillion under former President Muhammadu Buhari’s administration. Concerns over transparency and accountability in the use of these funds prompted the Senate to launch an investigation in February 2024.
Senator Jibrin Isah Echoch, chairman of the ad-hoc committee, has linked the country’s current food scarcity and security challenges to the mismanagement of these funds. He accused the CBN, under former Governor Godwin Emefiele, of shielding spending details from the National Assembly.
The Allegations: CBN Accused of Stonewalling
Senator Echoch revealed that despite repeated requests, the CBN has failed to provide the necessary documents to the committee and its consultants. “None of the documents was 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 during a committee session.
He further accused the CBN of dishonesty, stating, “What you are telling us is not the truth. We have not received the documents. I don’t want to deceive the public here.”
The committee’s frustration was compounded by the fact that even direct visits by the clerk and consultants to the CBN yielded no results. “The consultants themselves even took it upon themselves to go with CBN directly, because we introduced them to CBN, and nothing has come out of it,” Echoch added.
CBN’s Defense: Claims of Cooperation
In response, Hamisu Abdullahi, the CBN’s Director of Banking Services, who represented Governor Olayemi Cardoso, insisted that the apex bank had provided all necessary documents to the consultants. However, the committee dismissed these claims, stating that the preliminary report already indicates major infractions on the part of the CBN.
Why This Matters
The N30 trillion Ways and Means facility represents a significant portion of Nigeria’s public debt, and its mismanagement could have far-reaching implications for the economy. The Senate’s investigation aims to ensure accountability and transparency, but the CBN’s alleged obstruction raises concerns about the integrity of the process.
A Battle for Transparency
As the Senate and the CBN lock horns over the N30 trillion probe, the stakes couldn’t be higher. The committee has vowed to press on, promising to make its interim report public to keep Nigerians informed. However, without full cooperation from the CBN, uncovering the truth about how these funds were spent remains an uphill battle.
For now, the question lingers: Will the CBN finally provide the documents, or will this investigation remain stalled, leaving Nigerians in the dark about the use of their resources?
