Tinubu begins probe of CBN’s N30tr overdraft


Senate President Godswill Akpabio Monday inaugurated an ad hoc committee to investigate the N30 trillion Ways and Means Advances released by the Central Bank of Nigeria (CBN) to fund projects under former President Muhammadu Buhari’s administration.

The fund, which passed through the National Assembly, was without details, despite the commitment of the Executive to do so.


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Inaugurating the ad hoc committee, Akpabio urged the members to be impartial, uncompromising, and confidential in handling the investigation.


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The inauguration of the committee followed the adopted a resolution of the Senate Joint Committees on Banking, Insurance and other Financial Institutions; Finance; National Planning; Agriculture; and Appropriations.

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The Senate President said the 10th Senate believed in transparency, accountability, and good governance.



He directed the committee members to prove their commitments as Nigerians waited to know how the huge sums of money were used.


The committee, which has 17 members, is chaired by Jibrin Isah, representing Kogi East.


Akpabio urged the committee to keep its findings away from prying eyes of journalists.


He said: “The constitution of this committee is a testament to the Senate’s unwavering commitment to transparency, accountability, and good governance. It reflects our dedication to addressing the concerns of the Nigerian people and upholding the principles of democracy.


“To the members of this esteemed committee, I implore you to approach your responsibilities with the utmost sense of patriotism, professionalism and integrity.


“Your investigation demands impartiality and fairness, always keeping the public interest and the welfare of our nation at the forefront.


“We must leave no stone unturned in our pursuit of the truth. Therefore, conduct thorough inquiries and dig out information that will assist the Senate in making laws for the betterment of our country.”


Isah assured the Senate of the committee’s commitment to do a thorough job.


The inauguration of the committee was attended by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; CBN Governor Olayemi Cardoso; the Accountant General of the Federation, Oluwatoyin Madein; the Auditor-General of the Federation, Shaakaa Chira; the Director General of the Debt Management Office (DMO), Patience Oniha; beneficiary ministries, departments, and agencies and institutions. TheNation

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