The Nigerian Senate has accused the Central Bank of Nigeria (CBN) of obstructing its investigation into the N30 trillion Ways and Means advances issued to the Federal Government under former President Muhammadu Buhari’s administration.
The allegation comes amid claims by Senator Isah Jibrin, who criticised the CBN for withholding key documents despite multiple requests.
According to preliminary reports from consultants working with the Senate ad-hoc committee, significant infractions were identified in the handling of the advances.
Dismissing speculations that the Senate had been compromised or inactive on the issue, Senator Jibrin reaffirmed the legislature’s commitment to ensuring transparency and accountability in public financial management.
“The information we have now is not different from what we’ve been hearing. We handed over documents to consultants, and they provided an interim report. Initially, we planned to hold onto it until the final report was ready, but we’ve been compelled to release it to the public so they understand the challenge we are facing. The problem is that the Central Bank of Nigeria has consistently denied us access to crucial documents needed to complete this investigation.”
Senator Jibrin further alleged that multiple attempts to engage the CBN had been futile, despite assurances from high-ranking officials, including the Deputy Governor of the apex bank, Bala Bello.
“I personally met with Bala, the Deputy Governor of CBN, and he promised to cooperate, but nothing came out of it. The Clerk of the Senate has also visited the bank multiple times, yet no progress has been made. Even our consultants, whom we introduced to the CBN, have attempted direct engagement, but they too were unsuccessful.”
In response, Hamisu Abdullahi, the CBN’s Director of Banking Services, refuted the Senate’s claims, asserting that the apex bank had provided all requested documents for the investigation.
The Senate launched its investigation into the N30 trillion Ways and Means advances in February 2024.
The ad-hoc committee, chaired by Senator Jibrin Isah (Kogi East), was tasked with scrutinizing how the funds were disbursed under the previous administration.
Other committee members include Senators Ekpeyong Asuquo, Mohammed Tahir Monguno, Victor Umeh, Olamilekan Adeola, Sani Musa, Aliyu Wadada, Abdul Ningi, Ipalibo Banigo, and Banigo Harry.
The committee was initially given four weeks to complete its probe and submit findings for legislative debate on the disbursement of the funds.
Ways and Means advances are overdrafts issued by the CBN to the Federal Government to cover short-term financial shortfalls.
These advances require executive approval and must be ratified by the National Assembly.
However, concerns have been raised over the transparency and accountability of the N30 trillion issued during Buhari’s tenure, prompting the ongoing probe.
With the Senate and CBN at odds over access to critical documents, the outcome of this investigation remains uncertain.