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Senate to probe Buhari govt, Emefiele over N30tn CBN loans

The Senate on Tuesday resolved to probe how the N30tn Ways and Means loans of the Central Bank of Nigeria was obtained and spent by the administration of former President Muhammadu Buhari

Senate to probe Buhari govt, Emefiele over N30tn CBN loans

Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls.

The senate stated that the reckless spending of the overdraft collected from the CBN under Godwin Emefiele largely accounted for the food and security crises the country was currently facing.

The red chamber then resolved to set up an ad hoc committee to investigate what the N30tn overdraft was spent on by the immediate past government, noting that the details of the spending were deliberately not made available to the National Assembly.

The ad-hoc committee which will be constituted on Wednesday (today) will also probe the N10tn expended on the Anchor Borrowers Scheme, the $2.4bn forex transaction out of the $7bn obligation made for that purpose as well as other intervention programmes.

The development came as biting food crisis, rising inflation, naira depreciation and worsening insecurity continue to take tolls on Nigerians.

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