The Senate Ad hoc Committee investigating the N30 trillion Ways and Means facility has accused the Central Bank of Nigeria (CBN) of obstructing its inquiry. Lawmakers allege that the apex bank is refusing to provide crucial documents needed to track how the funds were used.
The facility, issued between 2015 and 2023, was meant to cover government budget shortfalls. However, concerns have grown over its impact on inflation and debt sustainability. Senate Committee Chairman, Senator Isah Jibrin (Kogi East), said on Tuesday that repeated requests for financial records have gone unanswered, delaying the probe’s progress.
“None of the documents was submitted to us,” Jibrin stated. “We will not allow you to attend the next meeting unless a deputy governor is present.”
CBN Denies Allegations, Senators Demand Accountability
During the hearing, Malam Hamisu Abdullahi, CBN’s Director of Banking Services, insisted that the bank had provided all requested documents. But Senator Jibrin dismissed the claim, saying the committee had not received any of them.
READ MORE: CBN Orders Banks to Disclose Dormant Accounts, Unclaimed Funds Online
“What you are telling us is not the truth,” Jibrin said. “We do not want to mislead the public, so we are making this interim report public to show Nigerians where the problem lies.”
The committee is expected to submit its final report to Senate President Godswill Akpabio, but delays caused by CBN’s alleged lack of cooperation have raised concerns about transparency.
What Is the Ways and Means Facility?
The Ways and Means facility allows the CBN to lend directly to the federal government to cover budget shortfalls. However, excessive reliance on this facility has contributed to inflation and currency depreciation due to increased money supply.
Under the CBN Act, such advances are capped at 5% of the previous year’s revenue. In February 2024, CBN Governor Olayemi Cardoso announced an end to new Ways and Means loans until all outstanding debts are repaid. The move was aimed at stabilizing Nigeria’s economy amid rising inflation and fiscal pressures.
With the probe now in limbo, pressure is mounting on the CBN to release full records of the N30 trillion facility, as lawmakers push for greater financial accountability.
