Thu. Nov 17th, 2022

SENATE TO PROBE DEVELOPMENT BANK’S FIVE HUNDRED NAIRA LOAN DISBURSEMENT.

The Senate has set up an adhoc committee to investigate the alleged uneven disbursement of half of five hundred billion naira loan to the six geopolitical zones by the Development Bank of Nigeria, DBN.

Deputy President of the Senate, Senator Ovie Omo Agege who presided over the plenary, named the Chairman, Senate Committee on Banks, Insurance and other financial institutions, Senator Sani Musa as the Chairman of the adhoc committee, while Senators Ibrahim Danbaba, Ayo Akinyelure, Mathew Urhoghide, Ali Ndume, Uche Ekwunife and Sadiq Umar serves as members.

Presenting the motion, Senator Ndume alleged a huge disparity and uneven disbursement of half a trillion naira loan to the six geo-political zones and States in the country in 2021 by DBN.

The Upper legislative chamber in its resolutions on a motion to that effect by Senator Ali Ndume and co-sponsored by Senator Ibrahim Bomai yesterday, specifically urged the bank to ensure equitable disbursement of the loan to all the zones and also expand its facilities beyond the sectors already captured.

The Committee was given two weeks to do its findings and report to the plenary.

The top five sectors considered for the loan are Oil and Gas forty two point zero percent, Manufacturing sixteen point zero percent, agriculture, forestry and fishery seven point two percent, trade and commerce six point three percent, and transportation and storage three point five percent.

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