Senate Sets Up Special Committee To Probe CBN’s N22.8trn Loan To Buhari’s Gov’t

The Nigerian Senate has set up a special committee to probe the Ways & Means loans the Federal Government obtained from the Central Bank of Nigeria (CBN) and request by President Muhammadu Buhari to restructure the credit.

Buhari had written to the National Assembly to restructure the N22.8 trillion Ways & Means loans obtained from the central bank under his administration to enable the government repay in 40 years with nine per cent interest rate.

However, the Senate suspended the move to approve President Buhari’s request after a disagreement in the upper chamber when the chairman of the Finance Committee, Solomon Adeola, informed the lawmakers to receive and consider the report on CBN ways and means and Buhari’s request. 

During the plenary on Wednesday, Senator Betty Apiafi said the Ways & Means loan is not known to the constitution and Senator George Thompson Sekibo said there was a breach of the CBN Act 2007 by both the central bank and FG.

Following the protest, the Senate set up a special committee, which includes the Senate President, Ahmed Lawan, committees of Finance, Appropriation, Foreign and Local Debts and Banking. 

Explaining the reason for suspending the request to restructure CBN’s loans to Buhari, Lawan said, “We have stood down the consideration of the Ways and Means Restructure. 

“We did so as a Senate, as a body, because we didn’t get the kind of information that we consider necessary and important for us to take a major decision like this, without any let or hindrance. 

“We have set up a special committee headed by the Senate Leader and in the membership, you have the committees of Finance, Appropriation, Foreign and Local Debts and Banking to collect all the necessary information.” 

Lawan asked for cooperation from the agencies that will be invited to speak to the speacial committee, “I want to use this opportunity to urge the executive arm of government, especially those agencies that will be invited to appear before this special committee, to cooperate by bringing the right kind of information that we need to be guided properly.”