Senate reassures Nigerians, says Emefiele’s N30trn loan probe still ongoing

The Nigerian Senate has moved to dispel rumors surrounding the alleged abandonment of the investigation into the N30 trillion Ways and Means loan secured by the Federal Government from the Central Bank of Nigeria (CBN) under Governor Godwin Emefiele’s leadership.

Senator Isah Jibrin, Chairman of the investigating committee, on Monday, issued a statement refuting these claims. He emphasized that the probe was very much active and reports suggesting otherwise are “entirely false.”

The panel chair stated, “We received some preliminary documents and decided to delve deeper after our interface with the CBN governor, Olayemi Cardoso, the Minister of Finance, some CBN directors, and others. Following leads from our interface, we realized the need for a detailed, step-by-step breakdown of how the money was spent.

“We have written to the Accountant-General requesting additional documents on the Ways and Means loan, and we believe the delay is due to efforts to compile accurate information to avoid misleading us and Nigerians.”

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The Senate initiated the investigation in February 2024, citing concerns that the alleged “reckless spending” of the overdraft from the CBN might have contributed to the country’s current food and security crises.

Senator Jibrin reiterated, “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.”

The probe focuses on the transparency and purpose behind the loan, particularly the disbursement and usage of the N30 trillion.

Jibrin highlighted the complexity of the investigation, explaining that gathering the necessary information requires time. He pointed to a recent letter sent to the Office of the Accountant General of the Federation requesting additional financial details related to the Ways and Means loan.

This development underscores the ongoing nature of the probe. Transparency remains a key concern. While the Senate assures the public of continued investigation, further details are needed to understand the specific financial data being sought and the expected timeframe for the probe’s conclusion.

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