Senate Set to Probe the Alleged N30trn CBN Ways And Means Advances to Buhari Administration

In news reports, the Senate yesterday moved to set up an ad hoc committee to investigate the disbursement and usage of the CBN N30 trillion Ways and Means loan advances to the administration of former president Muhammadu Buhari. The deputy president of the Senate, Barau Jibirin who presided over the plenary, announced the composition of the special committee. Barau said the ad-hoc committee will be chaired by Jibirin Isah, the senator representing Kogi East Senatorial District. He directed the committee to report back to the Senate within four weeks. The Senate had last week resolved to probe the alleged N30 trillion CBN advances to the Buhari administration when Godwin Emefiele was the head of the apex financial institution. The Deputy Senate President alleged that the Ways and Means loan was one of the major factors that caused inflation and the high cost of living in the country. He explained that if such huge advances remain unpaid, they will continue to appear on the balance sheet of the CBN.