LAGOS, Nigeria (VOICE OF NAIJA)-The ad hoc committee probing the disbursement and usage of the N30 trillion Ways and Means loan obtained by the administration of former President Muhammadu Buhari from the CBN has discovered some infractions in obtaining the loan.
Chairman of the Committee, Isah Jibrin, disclosed this on Tuesday during an interactive session with the CBN team led by one of its deputy governors, Bala Bello.
Mr Jibrin said a former Governor of the CBN, Godwin Emefiele, unilaterally signed billions of naira in the approval of different tranches of the loan without following due process.
The committee chairman was, however, not specific on the total amount of the billions of naira approved by Mr Emefiele, though he said the former CBN boss illegally signed the money in 13 documents.
According to Jibrin, Emefiele’s actions were in violation of the provisions outlined in the CBN Act, which stipulates that approvals for such loans should involve the CBN Board of Directors. He noted that Emefiele’s solo authorization of the loans contradicted this established protocol.
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Jibrin remarked, “The Committee of Governors ought to be the signatories to the Ways and Means account, but in the document we have here, the governor signed billions of naira in about 13 places.”
He further demanded transparency regarding the total amount allocated to the Ways and Means account, stressing the importance of accountability and adherence to established procedures.
“We want to know the summation of the figure,” Jibrin emphasised. “Every approval must be given by the Committee of Governors… Where the governor alone unilaterally gives approval, that calls for questioning.”
Jibrin also highlighted concerns regarding the ‘Anchor Borrowers’ program, citing a significant portion of loans, amounting to N1.1 trillion, with a commendable repayment rate of 70 percent. However, he expressed apprehension over the remaining 30 percent, totaling N358 billion, which were disbursed to low-income farmers facing high-risk situations.
“The risk there is that those low-income farmers do not have what it takes to perform to expectations in terms of equipment, technical know-how to manage those farms effectively,” Jibrin cautioned.
In response to the revelations, the committee demanded immediate explanations from the CBN, setting a 24-hour deadline for the provision of necessary clarifications.
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“These discrepancies warrant urgent clarification,” Jibrin stated. “We expect prompt and transparent responses to address these concerns.”
As the investigation unfolds, the Senate remains steadfast in its commitment to ensuring accountability and transparency in the management of public funds, holding key institutions accountable for adherence to established protocols and regulations.