Senator Isah Jibrin Reveals CBN's Advances to Buhari Administration Total N30 Trillion, Not N7 Trillion

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Senator Isah Jibrin, Chairman of the Senate ad-hoc committee investigating the N30 trillion ways and means advances made by the Central Bank of Nigeria (CBN) to the Buhari administration, has clarified that the total amount is significantly higher than previously reported. Contrary to TheCable's earlier report quoting N7 trillion, Jibrin confirmed the figure stands at N30 trillion.

In an interview with TheCable, Senator Jibrin explained that the committee is still in the process of gathering detailed information on the expenditure and beneficiaries of the advances. "The breakdown is for N30 trillion, not N7 trillion. This is what was presented to us by the CBN," Jibrin stated. The committee seeks to ensure transparency and accountability in understanding how these funds were allocated and utilized.

The committee has faced delays in receiving necessary documentation from the auditor-general's office, which holds the records of tenors and repayment schedules. Jibrin mentioned, "We felt like we needed to get more details. We were told that all the records are domiciled with the auditor-general’s office."


Among the beneficiaries of these advances are Ondo State and the Federal Capital Territory (FCT). However, due to incomplete information, the committee has not yet called these beneficiaries for questioning. The committee is awaiting a response from the auditor-general to move forward with its investigation and to provide a comprehensive report.


The revelation by Senator Jibrin underscores the importance of thorough investigation and transparency in governmental financial dealings. The Senate ad-hoc committee's ongoing efforts aim to clarify the specifics of the N30 trillion advances and ensure responsible management of public funds.


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