How the Senate is Probing the N30 Trillion CBN Loan to Buhari’s Administration

The Nigerian Senate has set up an ad-hoc committee to investigate how the former President Muhammadu Buhari’s administration spent the N30 trillion Ways and Means loan from the Central Bank of Nigeria (CBN).

The Ways and Means is an overdraft facility granted by the CBN to the government to meet urgent needs, subject to parliamentary approval.
The Senate on Tuesday named Senator Jibrin Isah from Kogi East Senatorial District as the head of the committee, which has four weeks to submit its report for legislative deliberation.

The committee comprises nine other senators, namely Senator Ekpeyong Asuquo, Senator Mohammed Tahir Monguno, Senator Victor Umeh, Senator Olamilekan Adeola, Senator Sani Musa, Senator Aliyu Wadada, Senator Abdul Ningi, Senator Ipalibo Banigo and Senator Banigo Harry.

The formation of the committee followed the adoption of a resolution last Tuesday on the need to probe the Ways and Means expenditure by the past administration. The Senate also resolved to investigate the affairs of Ajaokuta Steel Company Limited and the National Ore Mining Company (NIOMCO) in Kogi State from 2008 till date.

The senators will look into the alleged payment of $496 million to the Chairman of the Global Infrastructure Holdings Ltd (GINL), Mr. Pramod Mittal, by the Nigerian government in September 2022 as settlement over contractual disputes.

The Senate will also examine the circumstances that led to the re-concession of NIOMCO, despite the termination of the initial Concession Agreement by former President Musa Yar’adua administration with positive review by the International Chamber of Commerce, London.

The investigation was prompted by a motion sponsored by Senator Natasha Akpoti-Uduaghan from Kogi Central Senatorial District. SaharaReporters had reported last week that the Senate debate on Ways and Means sparked a heated argument when the motion was raised without details of how the fund was used. Senator Ali Ndume from Borno South Senatorial District, demanded that details of Ways and Means be provided according to parliamentary rules.

Related Articles

Back to top button