The Senate of the Federal Republic of Nigeria has expressed deep concern over the Nigerian Central Bank’s (CBN) refusal to release crucial documents related to the N30 trillion in advances issued during the administration of former President Muhammadu Buhari. This move, described by lawmakers as a significant obstruction to transparency and accountability, is hampering ongoing investigations into the financial practices and policies of the past government.
The Senate’s Committee on Finance has been tasked with examining the controversial issuance of the N30 trillion worth of advances, which were reportedly issued by the Central Bank without sufficient documentation or proper regulatory oversight. These funds, which have raised serious questions regarding their allocation, use, and repayment, were issued during the final years of President Buhari's tenure and have sparked widespread concerns regarding their impact on Nigeria’s financial stability.
In a statement today, the Senate Committee expressed frustration over the CBN’s decision to withhold key documents, which are vital for a comprehensive investigation into the transactions. According to Senator Ahmed Idris, Chairman of the Senate Finance Committee, “The refusal of the Central Bank to provide these essential documents undermines the principles of transparency and accountability that are fundamental to our democracy. We are committed to ensuring that the Nigerian people get answers regarding the management of public funds, and this obstruction is a serious setback.”
The withheld documents reportedly include detailed records of the loans, their beneficiaries, terms, and repayment schedules, which are central to the investigation. While the CBN has stated that it is unable to release certain documents due to ongoing legal and regulatory processes, the Senate has countered that the documents are critical to assessing the full scope of the financial dealings that occurred under the Buhari administration.
The withheld funds, which were issued under the guise of advances for various economic and developmental purposes, have been a subject of intense scrutiny. Critics argue that the lack of transparency surrounding the disbursement of these funds has contributed to the country’s growing debt burden and financial instability.