Stella Dimoko Korkus.com: Nigerian Senate Set To Probe N30 Trillion Loan Obtained By EX President Buhari's Administration

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Wednesday, February 21, 2024

Nigerian Senate Set To Probe N30 Trillion Loan Obtained By EX President Buhari's Administration

The Senate has resolved to probe the N30 trillion Ways and Means loan obtained by the administration of former President Muhammadu Buhari from the Central Bank of Nigeria (CBN).
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.

12 comments:

  1. Replies
    1. Always looking for who to blame. they were all in Buhari's regime

      Delete
    2. Always looking for who to blame. they were all in Buhari's regime

      Delete
  2. "The Senate constituted an ad hoc committee to interrogate the disbursement and usage of the loan".

    I hope former president Buhari will be among those to be interrogated?

    ReplyDelete
  3. This is just too much 😔😔😔

    ReplyDelete
  4. It doesn’t matter, it is still same party and shouldn’t have won any election.

    ReplyDelete
  5. Mtcheeeews they will soon find another person and heap all the suffering on and leave Buhari to be walking about freely

    ReplyDelete
  6. This is rubbish to me.

    Most 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

    ReplyDelete
  7. 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

    ReplyDelete
  8. Yinmu
    Like say dem go do anything

    ReplyDelete
  9. Armed robbers about to investigate kidnappers. Hmmmmmmmn. What happened to an independent investigator?

    ReplyDelete

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