The Nigerian Senate Ad-hoc Committee investigating the controversial N30 trillion Ways and Means facility provided to the previous administration has accused the Central Bank of Nigeria (CBN) of deliberately frustrating its probe.

Committee Chairman, Senator Jibrin Isah Echocho, made this assertion after receiving an interim report from consultants hired to examine the financial transactions from 2015 to 2023. The investigation seeks to uncover how the Ways and Means facility was used, particularly in covering budget deficits under former President Muhammadu Buhari's administration.

CBN Obstructing Investigation: Senate Committee

The Senate had passed a resolution on February 20, 2024, mandating an inquiry into the use of the facility. According to Senator Isah, the food scarcity and security challenges facing Nigeria today can be traced to excessive overdrafts authorized by former CBN Governor, Godwin Emefiele.

He emphasized that the committee’s primary objective is to reveal how the funds were spent, noting that "the details of the spending were deliberately kept hidden from the National Assembly."

Lamenting the lack of cooperation from the CBN, Isah criticized the apex bank for withholding critical documents required by the consultants to conduct their review.

Senator Isah: ‘CBN is Hindering Our Work’

Expressing his frustration, Isah stated, “None of the requested documents has been submitted to us. We will not allow your representatives to attend the next meeting unless a Deputy Governor is present. You are not telling the truth. We have not received the necessary documents, and I refuse to mislead the public.”

The lawmaker further revealed that the committee’s objective was to conclude its investigation swiftly but has been significantly hampered by the CBN’s actions.

“We had planned to withhold the interim report until we had a final report, but we are now compelled to release it to the public. The problem is that the CBN has consistently refused to provide the documents required to complete this assignment. That is the reality,” he stated.

He disclosed that even after multiple attempts by the committee’s clerk and the consultants to retrieve the necessary documents from the CBN, nothing has been provided.

“The Nigerian public needs to understand that this probe is being deliberately stalled by the CBN. Despite several visits to the apex bank and engagements with the Deputy Governor, Bala, no progress has been made. We will not be able to finish this assignment unless the CBN releases the required documents,” he declared.

CBN Denies Allegations

In response, the Director of Banking Services, Hamisu Abdullahi, who represented CBN Governor Olayemi Cardoso, insisted that the bank had already supplied all necessary documents to the consultants.

However, Senator Isah dismissed the claim, maintaining that preliminary findings point to serious violations by the CBN.

Despite these challenges, the Senate committee has reaffirmed its commitment to uncovering the truth about the N30 trillion Ways and Means facility and ensuring accountability in its utilization.