The Senate Committee investigating the controversial Ways and Means borrowing by the Central Bank of Nigeria (CBN) has accused the apex bank of stalling its probe by withholding crucial financial documents needed to complete the assignment.
During a heated session, committee members expressed frustration over CBN’s failure to provide requested records despite repeated engagements. Lawmakers revealed that the committee had been inundated with public allegations that the investigation had been swept under the carpet, a claim they strongly denied.
Chairman of the committee, Sen. Isah Jibril,in his closing remarks, disclosed that multiple attempts to obtain detailed financial records from CBN had been unsuccessful. He stated that the committee, along with appointed consultants, had made direct requests to the bank, but the requested documents were either incomplete or entirely withheld.
“The Nigerian public must know that this investigation has been deliberately stalled by the CBN. They have refused to provide the necessary documents to proceed with this probe. We have met with the CBN Governor and other top officials, yet nothing has come out of it,” he said.
The lawmakers further alleged that disbursements under the Ways and Means facility lacked proper approvals, with some payments allegedly authorized by unauthorized persons, including the Chief of Staff to the President. They also raised concerns over the mismanagement of funds under the Anchor Borrowers’ Program, insisting that full disclosure was needed to determine how trillions of naira were utilized.
Senators insisted that the next hearing must be attended by at least the Deputy Governor of the CBN, warned that failure to provide the documents would be viewed as an act of sabotage against Nigeria.
The Ways and Means facility, which allowed the government to borrow from the CBN to cover budget deficits, has come under intense scrutiny following concerns over transparency and accountability in its administration.
The committee vowed to continue its investigation to ensure Nigerians get full disclosure on how public funds were spent.
