In a recent tweet from his verified Twitter account, former Nigerian Senator Shehu Sani expressed grave concerns over the alleged mismanagement of Nigeria's foreign reserves and borrowing practices by the Federal Government.
Sani highlighted two alarming claims: firstly, the purported use of $2 billion from the nation's foreign reserves to bolster the Naira, and secondly, the alleged borrowing of N3.8 trillion from the Central Bank of Nigeria (CBN) through the ways and means mechanism within a span of six months.
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.