Senate Committee Criticizes CBN for Hindering Investigation into N30 Trillion Facility
senateThe Senate Ad-hoc Committee Investigating the N30 trillion Ways and Means facility has accused the Central Bank of Nigeria (CBN) of obstructing its probe into the usage of the facility by the previous administration from 2015 to 2023.
Senator Jibrin Isah Echoch, chairman of the committee, made this accusation after receiving an interim report from consultants tasked with investigating the matter. He expressed frustration over the CBN’s lack of cooperation, particularly in failing to provide critical documents necessary for the investigation.
The committee was mandated by the Senate on February 20, 2024, to investigate how the N30 trillion facility was utilized, especially concerning how it affected the government’s ability to cover budget deficits during the tenure of former President Muhammadu Buhari.
In his remarks, Senator Echoch attributed some of the country’s pressing issues—such as food scarcity and security challenges—to the excessive overdrafts made by former CBN Governor Godwin Emefiele. He claimed that the committee’s goal was to uncover the details of how the funds were spent, but those details were intentionally concealed from the National Assembly.
The lawmaker voiced his frustration with the CBN’s uncooperative stance, stating, “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 further emphasized that the committee had intended to provide the public with a final report as quickly as possible, but the CBN’s lack of cooperation was hindering their progress. Echoch explained, “What we did was to hand over the documents to the consultants, and when the consultants made available to us this interim report, our intention was to hold onto the interim report until the final report.”
He continued, “The problem is that the Central Bank of Nigeria has consistently denied us the documents that we need to complete this assignment. I was at the CBN sometimes, I met with Bala, the deputy governor, and they promised but nothing came out of it.”
The chairman made it clear that, despite the setbacks, the committee remained committed to uncovering the truth about how the funds were spent, stating, “Let the Nigerian public know that this assignment has been hindered by the Central Bank of Nigeria. After this, you must avail us—or avail the consultants—all the documents they require to complete this assignment.”
In response, Hamisu Abdullahi, Director of Banking Services at the CBN, who represented the bank’s Governor, Olayemi Cardoso, denied the allegations, claiming that the CBN had indeed provided all necessary documents to the consultants.
However, Senator Echoch stood by his statement, insisting that preliminary reports indicated major infractions, particularly by the CBN, and underscoring that the investigation had been significantly delayed due to the bank’s lack of transparency.
