Close Menu
 VONa Communications VONa Communications
  • Home
  • News
  • Politics
  • Business/Economy
    • Oil $ Gas
    • Tech
    • Energy
  • Crime
  • Entertainment
    • Celebrity News
    • Fashion & Style
  • Sports
  • World News
    • Across Africa
    • US News
    • UK News
    • Europe
    • Asia News
  • More
    • Current Affairs
    • Education
    • Fashion
    • Press Release
    • Opinion

Subscribe for Updates

Get the latest news from Voice of Naija about Politics, current affairs, Sports, business etc.

What's Hot

Investors Lose N297bn As Nigerian Exchange Opens Week

May 13, 2025

Kano University Shuts Female Hostel Over Alleged Immoral Acts

May 13, 2025

NNPC Remitting Only 50% Of Subsidy Savings To Federation Account — World Bank

May 13, 2025

Wike Predicts PDP Defeat In 2027, Defends Defections To APC

May 13, 2025
Facebook X (Twitter) Instagram
 VONa Communications VONa Communications
  • Get In Touch
  • About Us
Facebook X (Twitter) Instagram
SUBSCRIBE
  • Home
  • News
  • Politics
  • Business/Economy
    • Oil $ Gas
    • Tech
    • Energy
  • Crime
  • Entertainment
    • Celebrity News
    • Fashion & Style
  • Sports
  • World News
    • Across Africa
    • US News
    • UK News
    • Europe
    • Asia News
  • More
    • Current Affairs
    • Education
    • Fashion
    • Press Release
    • Opinion
 VONa Communications VONa Communications
Home»Current Affairs»REVEALED! How Emefiele Increased ‘Ways And Means’ Loans From N789bn To N22.7trn Under Buhari
Current Affairs

REVEALED! How Emefiele Increased ‘Ways And Means’ Loans From N789bn To N22.7trn Under Buhari

Alexandra UmehBy Alexandra UmehJune 10, 20234 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Reddit WhatsApp Email
Emefiele Godwin
Share
Facebook Twitter LinkedIn Pinterest WhatsApp Email

ENUGU, Nigeria (VOICE OF NAIJA) – During the administration of the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, reports say the bank never followed the principles of “ways and means”.

Under the administration of the now suspended Central Bank of Nigeria Governor, Godwin Emefiele, the bank never followed the principles of “ways and means”

Therefore, loans and the loans thus jumped from N789.6billion in May 2015 to N22.7trillion in May 2023, under the Muhammadu Buhari’s years.

In reaction to Emefiele’s suspension, a Nigerian human rights activist, Sesugh Akume in a release on Friday noted that this policy gaffe and others were responsible for “distortions in the economy, including inflation (the rising cost of goods and services) which the CBN itself admits” under Emefiele.

However, the Nigerian activist, faulted the unilateral suspension of Emefiele by President Bola Tinubu without recourse to the Nigerian Senate as stated in the CBN Act 2007.

He added that the act “needs to be strengthened to protect the institution of the CBN from abuses, both internal and external.”

Akume said: “I have been opposed to the rank incompetence, maladministration, and abuses by Godwin Emefiele as CBN governor and have in the past instituted two (2) lawsuits against him and the CBN, and others at the Federal High Court Abuja.

READ ALSO: DSS Confirms Ousted CBN Gov Emefiele Has Been Arrested (Video)

“In Sesugh Akume v CBN and Godwin Emefiele (CBN Governor) with suit number FHC/ABJ/CS/1051/2021, I among other things, sought to hold him and the Bank accountable and to stop their perversion of ‘ways and means’ which permits the CBN to lend 5 per cent of the federal government’s income in the previous year to the federal government and to not further lend to the federal government until what was borrowed is fully refunded.

“Under Emefiele this was never followed leading to ways and means loans jumping from N789.6 billion as of May 2015 to N22.7 trillion as of May 2023 in the Buhari years. This was responsible for distortions in the economy, including inflation (the rising cost of goods and services) which the CBN itself admits.

“In the second one, Sesugh Akume v CBN, Godwin Emefiele (CBN Governor), Debt Management Office (DMO), Patience Oniha (DMO Director-General), and Attorney-General of the Federation, with suit number FHC/ABJ/CS/1320/2021, whereby CBN under Emefiele and DMO under Patience Oniha denied a Freedom of Information (FOI) application I made to them on the correct status of ways and means loans by CBN to the federal government.

“The harm Godwin Emefiele has done to Nigeria, its monetary system, the CBN as an institution, and Nigerians is incalculable, and he needs to end up in prison some day, hopefully in the near future.

“I am, however, vehemently opposed to his removal by fiat and without the due process of the law as prescribed by the CBN Act 2007. Section 11(2)(f) CBN Act 2007 is clear that a CBN governor can only be removed by two-thirds majority of the Senate voting in favour. The standard practice worldwide is for central banks to be independent, and the head of the central insulated from all forms of external interference, including political interference. It is only in a banana republic that a central bank governor can be removed by an order from the head of state or government.

READ ALSO: Naira Falls By 0.64% Amid Emefiele Suspension

“Suspension is a form of removal, even if temporary. Emefiele’s removal without recourse to the Senate is an abuse. Sadly, the abuse of nine years prior whereby the then CBN governor, Sanusi Lamido Sanusi, was removed by fiat has become a precedent to be relied on for further abuse.

“If we are a country of laws, then things should be done according to the due process of the law. Anything other than this is prescription for chaos no matter how noble the intent is or pretended to be.

“The CBN Act 2007 needs to be strengthened to protect the institution of the CBN from abuses, both internal and external.”

Central Bank of Nigeria (CBN) Ex-President Muhammadu Buhari Godwin Emefiele
Previous ArticleJUST IN: Court Denies Obi/LP’s Request For More Information From INEC
Next Article BREAKING! NNPC GMD Mele Kyari Rumored To Have Been Suspended By Tinubu
Alexandra Umeh

Alexandra Umeh is based in the eastern region of Nigeria. She covers politics, news writing, feature stories, among others. She has multitasking skills and can easily adapt to any working condition. She enjoys reading and writing.

Related Posts

World Bank Projects Nigeria’s Inflation To Drop To 22.1% In 2025 Amid CBN Reforms

May 13, 2025

CBN Increases T-Bills Auction Offer To N550bn

May 12, 2025

CBN Earns N3.1bn From Ways And Means Facility In 2024, Down From N1.6tn

May 11, 2025

IMF Confirms Nigeria Has Fully Repaid $3.4bn COVID-19 Loan

May 9, 2025

Nigeria Drops To Fourth Place In Africa’s Economic Rankings

May 6, 2025

Farmers Yet To Receive FG’s Promised Tractors -AFAN

May 4, 2025

Nigeria Not Experiencing Hyperinflation -FRC

May 2, 2025

Tax Reform Bill Holds Key To Economic Transformation -CITN

May 2, 2025

Nigeria Set To Complete IMF Loan Repayment By 2029

May 2, 2025
Leave A Reply Cancel Reply

You must be logged in to post a comment.

Advertise with us
[instagram-feed feed=1]
 VONa Communications
Facebook X (Twitter) Instagram YouTube
  • Contact
  • Authors
  • About Us
© 2025© VONa Communications. All Rights Reserved

Type above and press Enter to search. Press Esc to cancel.