Shehu Sani: First, There Was A Claim That $2 Billion Of Our Foreign Reserve Was Used To Reinforce The Naira

Former Nigerian Senator Shehu Sani voiced serious concerns about the Federal Government’s purported mishandling of Nigeria’s foreign reserves and borrowing procedures in a recent post from his verified Twitter account. CONTINUE FULL READING>>>>>

Sani emphasised two concerning allegations: first, the claimed use of $2 billion from the country’s foreign reserves to support the Naira; and second, the supposed borrowing of N3.8 trillion over the course of six months through the ways and means mechanism from the Central Bank of Nigeria (CBN).

In his words, he said: “First,there was a claim that $2 Billion of our foreign reserve was used to reinforce the Naira. Then there is a claim that FG borrowed N3.8 trillion from the CBN ways & means in 6 months;Both claims were denied by the FG.Only the Senate & Reps committee on Banking & Finance can Clear the air and they should”.

Despite these claims, the Federal Government promptly denied any involvement in such actions, refuting allegations of both the use of foreign reserves and the massive borrowing from the CBN. However, Sani called upon the Senate and House of Representatives Committees on Banking and Finance to intervene and shed light on these contentious issues. He emphasized the crucial role these committees play in providing transparency and accountability within the country’s financial sector.CONTINUE FULL READING>>>>>