Senate inaugurates committee to probe N30trn CBN loan obtained under Buhari

The Senate on Monday inaugurated an ad-hoc committee to probe how the N30 trillion Ways and Means loans of the Central Bank of Nigeria (CBN) was obtained and spent by the administration of President Muhammadu Buhari.

The committee is also saddled with the responsibility of investigating the Anchor Borrowers’ Programme under Buhari’s administration.

Daily Trust reports that Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls.

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The inauguration of the committee was sequel to a report of joint committees on banking, insurance and other financial institutions; finance; national planning; agriculture and appropriations after an interaction with the federal government’s economic management team.

Speaking during the event on Monday in Abuja, Senate President, Godswill Akpabio, said the probe panel is “significant as it is charged with the investigation of the ways and means, including the Anchor Borrowers’ Programme.”