News

Senate Summons CBN Officials Over N30tn Loans

Published

2 years ago

March 4, 2024

The Senate has said it will quiz some officials of the Central Bank of Nigeria on how the N30tn Ways and Means loan was obtained and spent by the Federal Government during the Muhammadu Buhari-led administration.

The Chairman of the Senate Ad-hoc Committee Senator Isah Jibrin, who made the disclosure in an exclusive interview with The PUNCH, also revealed that the panel would commence the probe this week.

The Senate had on Tuesday appointed Jibrin as the chairman of the panel to probe the N30tn Ways and Means loan released by the then CBN Governor, Godwin Emefiele, to the Buhari administration.

The ‘Ways and Means’ is an overdraft taken directly from the central bank to fund budget deficits or address national contingency needs. This usually follows the approval of the executive arm of government and is meant to be ratified by the parliament.

The Senate had last week Tuesday resolved to probe the N30tn facility, stating that the alleged reckless spending of the overdraft collected from the CBN largely accounted for the food and security crises currently facing the country.

The red chamber then resolved to set up an Ad -hoc committee to investigate how the fund was spent, explaining that the details of how it was spent were deliberately not made available to the National Assembly.

However, the chairman of the panel, also known as Echocho, said the panel had started some background checks based on some documents in its possession.

In an exclusive interview with The PUNCH on Thursday, he said, “We are looking at next week for the investigation at the committee level, but as chairman, I am not waiting for that. I have some documents; I want to write to CBN to provide me with information on some areas.

“Because Ways and means cover very large latitude, so based on the information that I have now, I am going to write to seek clarifications on certain issues thereafter the committee will meet.”

He added that the Ways and Means loan also came up in December 2022 towards the end of the ninth Senate.

Senator added, “I have some documents and I want to leverage on those documents by going through them to ask questions from the CBN to seek further clarifications. Thereafter, we will now invite CBN officials who were engaged under Emefiele, although he is no longer there.

“They were a part of it, they have to come and explain to us. The terms of reference are very simple.

“These monies were given out. We want to know the agencies that benefited from those monies.

“We also want to know the individual Nigerians who benefited. We want to know the terms and conditions. The CBN is not Father Christmas. They are loans; we want to know the beneficiaries of those loans.

“What are the terms and conditions of those loans? What are the collaterals collected to fall back on when there is a default? Have they been repaid? What are the repayment schedules? In case of default do we have collateral? So those are the issues, we are not witch-hunting anybody.”

He further explained, “This country belongs to all of us, we want to know what actually transpired because we are where we are today because of those reckless exercises.

“I will call it reckless because when you are taking a decision as an economist because I want to believe, we have economists there when you take a particular decision, you should be able to ascertain the possible impact of that decision on the larger community.

“You either withdraw or you modify, that is why I am happy that the Monetary Policy Committee has been composed. You know the composition of the MPC is crucial because that is where policy measures are taken. You need to look at it, if this variable is this, and the state of the economy is XYZ, what do you do?

“How do you tinker with some of those variables so that the larger society will improve? That is why we want to unravel all that happened not to witch-hunt anybody but to know the extent to which Ways and means advances have been performed and then other decisions can be taken thereafter.”

It is unclear if the committee will also eventually summon Emefiele as the probe deepens.

News

Nigerian Govt Launches LG Proof Of Address To Improve Citizen Identification

Published

12 hours ago

December 29, 2025

Editor

The Federal Government has officially rolled out the Local Government Proof of Address, POA, project, an initiative designed to strengthen national security, improve citizen identification, and enhance service delivery across the country.

The project, initiated by the Association of Local Governments of Nigeria, ALGON, was formally approved through a circular issued by the Office of the Secretary to the Government of the Federation, OSGF, with reference number 5964B/S,13/VBA/T.IIIA/704.

According to the circular, the POA scheme took effect from October 1, 2025. However, implementation is at various stages in different federal and state Ministries, Departments and Agencies, MDAs.

According to the circular, under the new arrangement, all federal and state Ministries, Departments and Agencies, MDAs, government-owned corporations, and public institutions are mandated to replace the long-standing use of utility bills as proof of residence with the standardized Proof of Address issued at the local government level.

The circular explained that the POA project aligns with President Bola Tinubu’s eight-point development agenda, particularly, in the areas of governance reform, security enhancement, and institutional efficiency.

It is domiciled in the Office of the Secretary to the Government of the Federation, with the Nigerian Postal Service, NIPOST, serving as the coordinating federal agency.

“For years, the reliance on utility bills as proof of residence has posed major challenges. Many Nigerians do not have utility bills in their names, while others rely on outdated or shared documents that do not accurately reflect their current place of residence.

“In the same vein, the increasing use of digital services and prepaid utilities has further reduced the reliability of utility bills as a credible verification tool,” the circular stated.

Also, it noted that while the National Identification Number, NIN, remains a critical component of Nigeria’s identity management framework, a significant number of NIN records do not capture current or accurate residential addresses, limiting their effectiveness for residency verification, security profiling, and service planning.

“The POA is therefore designed to fill this critical gap by providing verified, location-specific, and up-to-date address information directly linked to local governments.

“The POA framework places residency verification at the grassroots, where local authorities have better knowledge of their communities. By anchoring address verification at the local government level, the initiative is expected to improve community-level intelligence, crime prevention, emergency response, and population data accuracy,” it added.

Beyond security, the circular noted that POA data is expected to deliver wide-ranging benefits, including improved public service delivery, equitable resource allocation, disaster management planning, urban development, social intervention targeting and financial inclusion.

The circular directed state governments to lead awareness and sensitisation efforts within their jurisdictions, with technical and institutional support from the OSGF, NIPOST, and ALGON.

News

Tax Reform Law: Reps Minority Caucus Seeks Suspension Of Implementation

Published

13 hours ago

December 29, 2025

Editor

The Minority Caucus of the House of Representatives has demanded the immediate suspension of the implementation of the recently enacted tax reform laws.

The demand follows allegations that the statutes were unlawfully altered after being passed by the National Assembly and assented to President Bola Ahmed Tinubu.

The Minority Leader, Rep. Kingsley Chinda, in a statement issued on Monday alongside other principal officers of the caucus, expressed deep concern and overwhelming disappointment over the controversy surrounding the tax reforms.

According to the caucus, the allegations, if proven, strike at the core of Nigeria’s legislative integrity, constitutional order and democratic governance.

While acknowledging that disagreements often accompany major reforms, the caucus stated that the present situation goes far beyond routine policy debate, as it involves claims that the laws were fraudulently altered, gazetted and circulated in a form different from what was duly passed by both chambers of the National Assembly and signed into law by the President.

It recalled that the matter was formally raised on the floor of the House during a recent plenary session, leading to the constitution of a high-powered investigative committee to probe the allegations.

News

Outrage, Confusion Trail Rumours Of Mohbad’s Wife Giving Birth Two Years After His Death

Published

13 hours ago

December 29, 2025

Editor

Many Nigerians on social media have reacted to the trending news about Wunmi, late singer Mohbad’s wife.

Rumours have emerged online that Wunmi recently welcomed a new baby with another man.

The rumours came a month after Mohbad’s family banned Wunmi from using their surname.

The viral rumour that started on X sparked controversy on social media with netizens raising eyebrows – since Mohbad died on September 12, 2023, and his body is still in the morgue.

The development has revived calls for a DNA test on her son with the late singer, Liam, who was five months old when Mohbad died.

Following the controversial circumstances surrounding Mohbad’s death, and allegation of infidelity against Wunmi, the deceased’s father, Joseph Aloba, requested a DNA to determine Liam’s paternity.

Reacting to the development, actor Stanley Ontop in a post on Instagram wrote “Mohbad dled in 2023 Him wife give birth in 2025? What God can not do does not exist! Clap hand for Jesus. Anyways in life as a man try not to kpai, no matter what. Life goes on Anyways congratulations iyawo Mohbad.”

Also @MasterminddBoB wrote on X; ”Dis is not life pausing ooooo dis is her been a stupid person amid speculation of the requested DNA test for Liam..make una get sense small.”

@AgbafianTV wrote “If the News about mohbad wife allegedly giving birth is through, then know that women are ruthless in all their ways. To be able to deal with women, you’ve to be very ruthless. Don’t die because of any woman.”

@callme_Riken wrote; “I don’t know if the news about Mohbad’s wife, Wunmi, giving birth is true. But if it is. Sooner or later, she was going to move on, whether her father-in-law agreed to bury his son or not. Life doesn’t pause forever.”

@djokaymegamixer wrote on X; “I won’t be surprised if it’s later found out that the story of the late Mohbad’s widow, Wunmi, giving birth was a hoax. There is nothing these guys can’t tweet all in the name of hustling engagements for Elon Musk’s money.”