During the plenary last Tuesday, members of the upper chamber resolved to probe the facility the Buhari administration obtained from the CBN under the leadership of Godwin Emefiele.
The Senate on Tuesday constituted a nine-member ad hoc committee to probe the disbursement and usage of the N30 trillion Ways and Means loan obtained by the administration of former president Muhammadu Buhari from the Central Bank of Nigeria (CBN).
The Deputy Senate President, Barau Jibirin, who presided over the plenary, announced the composition of the special committee during the plenary.
Mr Jibrin said the ad hoc committee will be chaired by Jibirin Isah, the senator representing Kogi East Senatorial District.
Members of the committee are Ekpeyong Asuquo (APC, Cross River North), Mohammed Monguno (APC, Borno North), Victor Umeh (Anambra Central, LP), Olamilekan Adeola (APC, Ogun West and Sani Musa (Niger East).
Others are Aliyu Wadada (SDP, Nasarawa West), Abdul Ningi (PDP, Bauchi Central) and Ipalibo Harry (Rivers West).
The deputy senate president directed the committee to report back to the senate within four weeks.
During the plenary last Tuesday, members of the upper chamber resolved to probe the N30 trillion advances the Buhari administration obtained from the CBN under the leadership of Godwin Emefiele.
While announcing the composition of the panel, 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.
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He explained that if such huge advances remain unpaid, they would continue to appear on the balance sheet of the CBN.
Mr Jibrin, therefore, urged members of the ad hoc committee to conduct a proper investigation into the issue to recover the fund.
"According to statistics, broad money supply, which is a key parameter for key inflationary trends, increased from N78.3 to 78.4 trillion in 2023. The highest ever recorded in Nigeria.
"The Central Bank of Nigeria's Ways and Means which provides direct lending to the federal government of Nigeria causes unprecedented liquidity in the economy and the current inflationary pressure that we are experiencing.
"The financial obligation to the CBN now stands at N30 trillion. The inability to repay this temporary accommodation by the federal government of Nigeria led to the regularisation of a 40-year loan at 9 per cent interest per annum.
"By implication, this debt will appear in the balance sheet of CBN for the next 40 years until liquidated. It is therefore imperative to interrogate the loans of the N30 trillion Ways and Means with a possibility of recovering whatever possible" he added.
