The senate stated that the reckless spending of the overdraft collected from the CBN under Godwin Emefiele largely accounted for the food and security crises the country is currently facing.
The Ways and Means is a loan facility through which the CBN finances the federal government’s budget shortfalls.
The Senate constituted an ad hoc committee to interrogate the disbursement and usage of the loan.
The Senate President, Godswill Akpabio, announced the resolution after a majority of the senators supported it through voice votes1. The ad hoc committee will interrogate the details of the ways and means and their disbursement and usage, particularly the intervention programmes such as Anchor Borrowers Programme, excess funding in the power sector, monies given to manufacturers and banks and airlines.
The Senate had in May 2023 approved the securitisation of the N22.7 trillion ways and means to the federal government as requested by former President Muhammadu Buhari. The upper chamber noted that the interest rate accrued and approved by it has pushed the loan to N30 trillion naira.
Godwin Emefiele served as the governor of the Central Bank of Nigeria from 4 June 2014 until his suspension by President Bola Tinubu, on 9 June 20233.
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ReplyDeleteAlways looking for who to blame. they were all in Buhari's regime
DeleteAlways looking for who to blame. they were all in Buhari's regime
Delete"The Senate constituted an ad hoc committee to interrogate the disbursement and usage of the loan".
ReplyDeleteI hope former president Buhari will be among those to be interrogated?
This is just too much 😔😔😔
ReplyDeleteIt doesn’t matter, it is still same party and shouldn’t have won any election.
ReplyDeleteMtcheeeews they will soon find another person and heap all the suffering on and leave Buhari to be walking about freely
ReplyDeleteThis is rubbish to me.
ReplyDeleteMost of them were also present in the buhari regime, so why take this as a surprised package? This country is in a mess.
Boo leaders
Buhari's administration is the genesis of all these crisis walahi. Now Tinubu seems to be the scapegoat, nobody is blaming the past administration, see Hausas, complaining now because it is not their brother up there. we go all survive las las
ReplyDeleteYinmu
ReplyDeleteLike say dem go do anything
Na wa ooooooo
ReplyDeleteArmed robbers about to investigate kidnappers. Hmmmmmmmn. What happened to an independent investigator?
ReplyDelete