The Senate Ad-Hoc Committee investigating the N1.5 trillion Ways and Means borrowing has accused the Central Bank of Nigeria (CBN) of obstructing its probe by refusing to release critical financial documents.
The committee, chaired by Senator Isah Jibril (Kogi East), raised concerns over the CBN’s lack of cooperation, warning that its actions were hindering efforts to ensure transparency in the management of public funds.
During a session in Abuja, Jibril revealed that the N1.5 trillion was meant for infrastructure projects under the Ways and Means program but was reportedly misappropriated.
He stressed the need for accountability, stating that Nigerians have the right to know how the funds were utilized.
“This is a major national issue. We must get to the bottom of how these funds were spent,” he said.
Despite hiring consultants to engage with the CBN, the committee reported no progress in obtaining the required documents.
Jibril expressed frustration over the delays, calling it a deliberate attempt to stall the investigation.
“The Nigerian public must know that this probe has been stalled by the CBN. They have denied us access to critical documents needed to complete our work,” he stated.
The committee also hinted at potential financial irregularities within the CBN, with preliminary findings pointing to major infractions.
Jibril insisted that the bank must provide the necessary records to clear any allegations.
In a decisive move, the committee issued a 24-hour ultimatum for the CBN to submit all requested documents to its consultants.
“We have no choice but to set a deadline. The documents must be made available immediately,” Jibril declared.
The Senate reaffirmed its commitment to pursuing the investigation to its logical conclusion, emphasizing that the matter was of national importance and could not be ignored.
The Ways and Means borrowing program, intended as a short-term funding mechanism for the government, has come under scrutiny over allegations of mismanagement and lack of transparency.
As public demand for accountability grows, the Senate vowed to ensure that those responsible for any financial mismanagement are held accountable.
The CBN has yet to respond to the allegations or the ultimatum issued by the Senate committee.
