Senate Slams CBN Over Alleged Obstruction in Ways & Means Probe

 A Deepening Rift Between the Senate and the CBN

The ongoing investigation into the controversial Ways and Means facility granted to the Federal Government between 2015 and 2023 has exposed a widening rift between the Senate and the Central Bank of Nigeria (CBN). The Senate Ad-hoc Committee, mandated to unravel the disbursement pattern of these funds, has accused the apex bank of frustrating its efforts by withholding critical documents.

The Ways and Means facility, designed as a fiscal cushion for budget deficits, has come under intense scrutiny following allegations of gross mismanagement. However, the Senate’s pursuit of transparency appears to have hit a roadblock, with the committee chairman, Senator Isah Jibrin, expressing strong dissatisfaction over the CBN’s level of cooperation.

During a tense session, Jibrin, a former banker, did not mince words, stating that “the Central Bank of Nigeria has refused to make relevant documents available to the consultants to enable them to complete their assignment.” Despite repeated requests and direct engagements with CBN officials, the committee insists that the bank has been evasive, casting doubt on the credibility of its financial disclosures.

The CBN, represented by its Director of Banking Services, Hamisu Abdullahi, has pushed back against the allegations, maintaining that all required documents had been submitted. Yet, the committee remained unconvinced, with Jibrin countering, “None of the documents was submitted to us.”

The Senate’s frustration was palpable. Jibrin went as far as barring junior CBN officials from attending future meetings, insisting that only a Deputy Governor or a higher-ranking representative would be admitted. The committee’s position is clear: without full disclosure, the investigation cannot proceed.

Reflecting on past financial controversies, this standoff echoes previous concerns about opacity in Nigeria’s fiscal management. The Ways and Means facility, meant to be a tool for economic stability, is now at the center of a probe that could redefine financial accountability in the country. If the allegations hold, it would mark one of the most significant cases of financial mismanagement in recent history, raising critical questions about institutional oversight and governance.

As the Senate Committee intensifies its pressure, Nigerians are left wondering: Will the CBN comply, or will this investigation expose deeper systemic failures? With a firm deadline now set, the coming weeks could be pivotal in determining the true scale of fiscal responsibility—or the lack thereof—within Nigeria’s financial institutions.

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