Emmanuel OchayiNew Documents Arrive
The Senate panel investigating the N30 trillion Ways and Means loans secured by the Federal Government from the Central Bank of Nigeria (CBN) under Godwin Emefiele, has received additional documents from the Office of the Accountant General of the Federation (OAGF).
This new development marks a significant step forward in the ongoing probe.
A Senate source, who requested anonymity, confirmed, “The documents from the Office of the Accountant General regarding the probe of the N30tn Ways and Means came on Thursday; the documents have been given to the chairman and the members of the panel.”
Chairman Confirms Receipt
Senator Isah Jibrin, Chairman of the panel, confirmed the arrival of the documents. “Yes, the documents have come from the AGF and have been distributed to all panel members.
At the moment, we are all studying it, and once that is concluded, we will resume physical meetings hopefully by next week.”
He added, “Nigerians can be assured that we will ensure due diligence and see that we do not let them down. Like I earlier said, we had never stopped working on the probe, we just needed more documents, and now that we have them, nothing can hold us back.”
Context of the Investigation
The Senate had resolved to investigate the N30 trillion loan on February 20, 2024, citing concerns that the alleged reckless spending of the overdraft from the CBN contributed to the country’s current food and security crises.
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Upon its inauguration, the panel identified 13 infractions allegedly committed in the process of obtaining the loan.
Controversy Over Figures
Despite a media report suggesting that the Ways and Means loans under Emefiele were about N7 trillion, not N30 trillion as claimed by the Senate, Jibrin clarified the situation.
“We have not gone into limbo; we only needed additional documents from the Accountant-General’s office to continue the interface. The amount under probe is N30tn. I don’t know why people are spreading falsehood to achieve a selfish purpose.”
Historical Background
During the Ninth Assembly, President Muhammadu Buhari requested the restructuring of N22.7 trillion Ways and Means loans, including an additional N1 trillion for the 2022 supplementary budget, totalling N23.7 trillion.
In his letter, President Buhari explained, “The Ways and Means are advances from the Central Bank of Nigeria to the federal government for emergency funding due to delayed fiscal deficits. As of December 19, 2022, the balance of Ways and Means was N22.7tn. I have approved the securitisation of these balances under the following terms: Amount, N23.7tn; Tenure, 40 years; Moratorium on principal repayment, three years; Interest rate, 9 per cent. Your concurrence and approval are sought to allow for the implementation of the same.”
The Ahmad Lawan-led Ninth Senate approved the N23.7 trillion. On December 30, 2023, the Tenth Senate also approved the securitisation of the outstanding debit balance of N7.3 trillion of the Ways and Means Advance in the Consolidated Revenue Fund of the Federal Government.
Next Steps
With the new documents now in hand, the Senate panel is poised to resume its physical sittings. This step is crucial for moving forward with the investigation and addressing the financial discrepancies that have raised significant public concern.
The panel’s findings could have substantial implications for financial governance in Nigeria and the accountability of government financial practices.
Senator Jibrin emphasised, “We are committed to transparency and accountability in this process. The Nigerian people deserve to know the truth about how public funds are managed.”
The Senate panel’s efforts are part of a broader push to ensure that government borrowing practices are conducted with integrity and in the best interest of the country. The outcome of this investigation will likely shape future financial policies and practices in Nigeria.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
