{"id":357111,"date":"2025-02-26T14:13:43","date_gmt":"2025-02-26T13:13:43","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=357111"},"modified":"2025-02-26T14:13:43","modified_gmt":"2025-02-26T13:13:43","slug":"ways-and-means-cbn-frustrating-probe-into-illegal-printing-of-n30tn-senate","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2025\/02\/26\/ways-and-means-cbn-frustrating-probe-into-illegal-printing-of-n30tn-senate\/","title":{"rendered":"Ways and Means: CBN frustrating probe into illegal printing of N30tn \u2013 Senate"},"content":{"rendered":"<ul>\n<li><strong>He said the committee was instructed to probe how the Ways and Means facility was spent by the past administration, particularly as it affects the government\u2019s cover for budget deficits<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>The senate has expressed outrage over <a href=\"https:\/\/www.withinnigeria.com\/news\/2025\/02\/24\/serap-drags-cbn-to-court-over-unlawful-unreasonable-atm-fee-hike\/\">Central Bank of Nigeria, CBN<\/a>, refusal to cooperate with its committee investigating the N30 trillion facility it provided to the last administration from 2015 to 2023.<\/p>\n<p>The Senate Ad-hoc Committee Investigating the Ways and Means accused the apex of frustrating its probe into the N30 trillion loan facility which many experts have termed illegal.<\/p>\n<p>The chairman of the ad-hoc committee,<br \/>\nSenator Jibrin Isah Echoch, voiced his concern over the CBN uninspiring attitude and body language to the investigation after receiving an interim report from consultants commissioned to investigate the matter.<\/p>\n<p>He said the committee was instructed to probe how the Ways and Means facility was spent by the past administration, particularly as it affects the government\u2019s cover for budget deficits.<\/p>\n<p>Recall that on 20th February, 2024, the Nigerian Senate passed a resolution to investigate the use of the facility by former President Muhammadu Buhari\u2019s administration.<\/p>\n<p>Senator Isah attributed the food scarcity and security challenges bedeviling the country to unnecessary overdraft from the nation\u2019s coffers by the former Governor of the Central Bank of Nigeria, Godwin Emefiele.<\/p>\n<p>He said the committee\u2019s mandate was to unravel the utilization of funds, highlighting that \u201cthe details of the spending was deliberately shielded away from the National Assembly\u201d.<\/p>\n<p>The lawmaker lamented the uncooperative stance of the Central Bank of Nigeria in providing the necessary documents for the consultants to carry out their job.<\/p>\n<p>Jibrin said, \u201cNone of the documents was submitted to us. We will not allow you to attend the next meeting because you have been coming here for the same reason.<\/p>\n<p>\u201cThe least likely person that will attend the next meeting should be a deputy governor of CBN. What you are telling us is not the truth. We have not received the documents. I don\u2019t want to deceive the public here.\u201d<\/p>\n<p>Jibrin further stated that the goal of his committee was to produce a report as quickly as possible, but expressed frustration that their efforts were being hindered by the actions of the CBN.<\/p>\n<p>He said, \u201cThe information we have here is not different from what we have had all along.<\/p>\n<p>\u201cWhat we did was to hand over the documents to the consultants, and when the consultants made available to us this interim report, our intention was to hold onto the interim report on the final report.<\/p>\n<p>\u201cWe have now been compelled to make available this interim report to the general public so that we let them know where the problem is.<\/p>\n<p>\u201cThe problem is that the Central Bank of Nigeria has consistently denied us the documents that we need to complete this assignment. That is the truth. I was at the CBN sometimes, I met Bala the deputy governor and they promised but nothing came out of it.<\/p>\n<p>\u201cThe clerk has been there several times. Nothing has come out of it.<\/p>\n<p>\u201cThe consultants themselves even took it upon themselves to go with CBN directly, because we introduced them to CBN and nothing has come out of it.<\/p>\n<p>\u201cSo let the Nigerian public know that this assignment has been hindered by the Central Bank of Nigeria. They will deny those documents. After this, you must avail us, or avail the consultants, all the documents that they require to complete this assignment.<\/p>\n<p>\u201cThe reason for this meeting is to let everybody know why we have not been able to finish this assignment and it looks as if we have compromised. The answer is that we have not.\u201d<\/p>\n<p>He clarified that despite the challenges, the committee is committed to uncovering how the money was spent.<\/p>\n<p>Reacting, the Director of Banking Services, Hamisu Abdullahi, who represented the Governor of the Central Bank, Olayemi Cardoso, said the apex bank did provide all necessary documents to the consultants.<\/p>\n<p>The chairman of the committee insisted that preliminary reports show that there are major infractions, especially on the part of the Central Bank of Nigeria<\/p>\n","protected":false},"excerpt":{"rendered":"<p>He said the committee was instructed to probe how the Ways and Means facility was spent by the past administration, particularly as it affects the government\u2019s cover for budget deficits The senate has expressed outrage over Central Bank of Nigeria, CBN, refusal to cooperate with its committee investigating the N30 trillion facility it provided to [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":299791,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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