During a heated session on Thursday, lawmakers expressed mounting frustration over the CBN’s failure to provide records detailing the disbursement and utilization of funds under the Ways and Means facility—a mechanism allowing the federal government to borrow from the CBN to cover budget shortfalls. The facility has drawn intense scrutiny amid allegations of mismanagement and unauthorized approvals.
Chairman of the committee, Sen. Isah Jibril revealed that despite repeated engagements with CBN Governor Olayemi Cardoso and other senior officials, the bank has either provided incomplete documents or ignored requests entirely.
“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,” Jibril stated, dismissing claims that the probe had been “swept under the carpet.”
Lawmakers highlighted alarming irregularities, including allegations that portions of the funds were approved by unauthorized individuals, such as the Chief of Staff to the President, bypassing statutory protocols. The committee also raised concerns about the mismanagement of trillions of naira under the CBN’s Anchor Borrowers’ Program, a scheme designed to support agricultural development, demanding full disclosure to trace how the funds were spent.
“Disbursements under these programs lack proper documentation and approvals,” Jibril said, stressing that the lack of cooperation undermines legislative oversight. Senators warned that the CBN’s Deputy Governor must appear at the next hearing with the requested records, cautioning that failure to comply would be deemed an “act of sabotage against Nigeria.”
The Ways and Means facility, which permits the government to borrow directly from the CBN, surged under former President Muhammadu Buhari’s administration, sparking debates over fiscal responsibility. Recent audits have flagged the facility’s opaque management, with the current administration acknowledging irregularities in its accounting.
The Senate committee vowed to pursue the investigation “to its logical conclusion,” emphasizing that Nigerians deserve accountability for how public funds are spent. The standoff escalates tensions between lawmakers and the CBN, as calls grow for greater scrutiny of the bank’s role in fiscal governance.
