Abuja, Nigeria – The Senate Ad hoc Committee investigating the N30 trillion Ways and Means facility granted to the federal government has accused the Central Bank of Nigeria (CBN) of frustrating its probe by withholding critical documents.
The facility, reportedly provided to the government between 2015 and 2023, is under scrutiny for its economic impact.
During a hearing on Tuesday, Committee Chairman Senator Isah Jibrin (Kogi East) expressed frustration over the CBN’s alleged non-cooperation. His remarks followed the submission of an interim report by the committee’s consultants.
CBN Denies Allegations, Committee Insists on Full Disclosure
Malam Hamisu Abdullahi, CBN’s Director of Banking Services, maintained that the apex bank had submitted all required documents. However, Senator Jibrin dismissed this claim, insisting that the committee had received none.
“None of the documents was submitted to us,” Jibrin said. “As it is, we will not allow you to attend the next meeting because you have been coming here for the same reason. The least person that should attend the next meeting should be a deputy governor of the CBN.”
The senator further accused the CBN of obstructing the investigation, stating that the committee was being forced to release an interim report to inform Nigerians of the situation.
“Our intention was to hold onto the interim report until the final report, but we have been compelled to make this public so that Nigerians know where the problem lies,” he said.
Understanding the Ways and Means Facility
The Ways and Means facility is a loan mechanism through which the CBN finances the federal government’s budget deficits. However, excessive reliance on this facility can lead to macroeconomic instability, including inflation and currency depreciation, due to the injection of excess liquidity into the economy.
The CBN Act restricts such advances to five percent of the previous year’s revenue. In February 2024, CBN Governor Olayemi Cardoso announced that the bank would halt further Ways and Means advances until all outstanding debts are cleared. The move is part of broader efforts to stabilize the economy.
As the probe continues, the Senate committee remains adamant about obtaining full disclosure from the CBN regarding the N30 trillion facility.
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