Nigeria’s government has launched an audit of a N22.7 trillion loan obtained from the Central Bank of Nigeria (CBN) through the “Ways and Means” program during the previous administration. Finance Minister Wale Edun announced the audit at the Public Wealth Management Conference, stating it will inform the government’s decision on loan repayment.
Concern over Transparency: The “Ways and Means” program allows the government to borrow from the CBN for short-term needs, but critics argue it was misused during the prior administration, potentially fueling inflation. Auditing the loan aims to ensure transparency and identify potential irregularities.
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Repayment Uncertain: Edun emphasized the audit will determine whether the government chooses to repay the loan or challenge its legitimacy. This decision holds significant implications for Nigeria’s fiscal management and debt profile.
Tackling Inflation: The minister also highlighted the government’s commitment to reducing inflation by controlling liquidity and managing expenditures. Recent food releases are part of efforts to address rising commodity prices and improve citizens’ well-being.
Read more here: Probing amidst Hunger: Senate on Emefiele’s N30tn CBN loans
Corruption Probe: Separately, the Economic and Financial Crimes Commission (EFCC) is investigating former CBN Governor Godwin Emefiele, under whose watch the loans were approved. This adds another layer to the situation, potentially influencing the audit’s findings and repayment decision.
Uncertainties Remain: While the audit is underway, its timeline and specific focus haven’t been disclosed. The potential consequences of either repayment or non-repayment are also subject to speculation.
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Read more here: Probing amidst Hunger: Senate on Emefiele’s N30tn CBN loans
