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Under the administration of the now suspended Central Bank of Nigeria Governor, Godwin Emefiele, the bank never followed the principles of “ways and means” loans and the loans thus jumped from N789.6billion in May 2015 to N22.7trillion in May 2023 under the Muhammadu Buhari’s years, a Nigerian human rights activist, Sesugh Akume has said.
He said, “I have been opposed to the rank incompetence, maladministration, and abuses by Godwin Emefiele as CBN governor and have in the past instituted two (2) lawsuits against him and the CBN, and others at the Federal High Court Abuja.
“In Sesugh Akume v CBN and Godwin Emefiele (CBN Governor) with suit number FHC/ABJ/CS/1051/2021, I among other things, sought to hold him and the Bank accountable and to stop their perversion of ‘ways and means’ which permits the CBN to lend 5% of the federal government’s income in the previous year to the federal government and to not further lend to the federal government until what was borrowed is fully refunded.
“Under Emefiele this was never followed leading to ways and means loans jumping from N789.6 billion as of May 2015 to N22.7 trillion as of May 2023 in the Buhari years. This was responsible for distortions in the economy, including inflation (the rising cost of goods and services) which the CBN itself admits.
Peoplesmind
