Senate reassures Nigerians, says investigation into Emefiele’s N30trn loan is still ongoing

The Nigerian Senate has taken action to dispel rumors surrounding the alleged abandonment of investigations into the N30 trillion Ways and Means loan guaranteed by the Federal Government from the Central Bank of Nigeria (CBN) under the leadership of Governor Godwin Emefiele.

Senator Isah Jibrin, Chairman of the investigative committee, on Monday, issued a statement refuting the claims. He stressed that the investigation is very active and reports that suggest otherwise are “completely false.”

The panel chairman stated, “We received some initial documents and decided to dig deeper after we interacted with the CBN governor, Olayemi Cardoso, the Minister of Finance, several CBN directors, and others. Based on the instructions from our interface, we realized the need for a detailed, step-by-step breakdown of how the money was spent.

“We have written to the Accountant General requesting additional documents regarding the Ways and Means loan, and we believe this delay is due to efforts to gather accurate information so as not to mislead us and the Nigerian people.”

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The Senate initiated an investigation in February 2024, citing concerns that alleged “reckless spending” from the CBN overdraft may have contributed to the country’s current food and security crisis.

Senator Jibrin reiterated, “We are not in limbo; we only need additional documents from the Accountant General’s office to continue with the interface. The amount checked was N30tn. I don’t know why people spread lies to achieve selfish goals.”

The probe focuses on the transparency and purpose behind the loans, particularly the disbursement and use of the N30 trillion.

Jibrin highlighted the complexity of the investigation, explaining that gathering the necessary information takes time. He pointed to a recent letter sent to the Office of the Accountant General of the Federation requesting additional financial details related to Ways and Means loans.

This development underscores the ongoing nature of the investigation. Transparency is still a major concern. Although the Senate assured the public it would continue with the investigation, more details are needed to understand the specific financial data being sought and the expected timeframe for the investigation’s conclusion.

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