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FG Advances Forensic Probe into N30 Trillion CBN Loans, Tackles Freight Cost Hurdles for Electric and CNG Vehicles

The Federal Government has made significant progress in its forensic investigation into the N30 trillion Ways and Means loans provided to the previous administration by the Central Bank of Nigeria (CBN), according to Finance Minister and Coordinating Minister of the Economy, Wale Edun. Addressing the Senate Committee on Appropriation on Wednesday, Edun also highlighted challenges related to the procurement of electric and Compressed Natural Gas (CNG) vehicles.

Edun, accompanied by the Accountant-General of the Federation, Dr. Oluwatoyin Madein, informed senators that the increase in freight costs has delayed the rollout of electric and CNG buses and conversion kits. He explained that while efforts are being made to mitigate these costs, the sudden spike had made the procurement process less viable for suppliers.

“The procurement of electric and CNG buses and conversion kits, more importantly, has been held up by a spike in the freight costs. It’s just the ingenuity of one of the young men that is in that business that we have got a bulk carrier that has a lower freight cost. Otherwise, the trade cost per bus became daunting and it made people just hold on to see whether in fact this procurement was profitable for them,” Edun stated.

In addition to addressing the logistics of vehicle procurement, Edun pledged that his ministry would intensify efforts to monitor revenue-generating agencies, ensuring they meet their targets and contribute effectively to the national budget.

The forensic probe into the CBN loans is part of the government’s broader efforts to ensure financial accountability and transparency. The Ways and Means facility, typically used for short-term funding, has drawn scrutiny due to its substantial increase under the previous administration.

Edun’s assurances and updates to the Senate Committee reflect the government’s commitment to tackling economic challenges and improving fiscal management, while also addressing practical obstacles in implementing environmentally friendly transportation solutions.

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