Senate probes ‘uneven’ disbursement of N500bn DBN loan

The Senate on Wednesday resolved to investigate alleged uneven disbursement of N500bn loan to the six geo-political zones by the Development Bank of Nigeria (DBN) in 2021. This followed a motion by Senator Mohammed Ali Ndume (APC, Borno) co-sponsored by Senator Ibrahim Mohammed Bomai (APC, Yobe).  Reps’ deputy minority leader wants roads reform bills signed […]

The Senate on Wednesday resolved to investigate alleged uneven disbursement of N500bn loan to the six geo-political zones by the Development Bank of Nigeria (DBN) in 2021.

This followed a motion by Senator Mohammed Ali Ndume (APC, Borno) co-sponsored by Senator Ibrahim Mohammed Bomai (APC, Yobe). 

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Ndume said the bank’s Annual Integrated Statutory Report showed that it disbursed a loan worth N483bn in 2021 out of which only 11% (N53bn) went to the 19 northern states; while Lagos alone got 47% (N227bn). 

Ndume said the report also showed that South West got the lion share of 57% (N274.7bn); South South, 17% (N81.9bn); North Central and FCT, 11% (N53bn); South East, 9% (N43.3bn); North West, 5% (N24bn) and North East, 1% (N4.8bn).

 The Senate constituted a seven-man ad-hoc committee to carry out holistic investigation into the loan disbursement by DBN and report back to plenary in two weeks.

It also urged the Bank to ensure the equitable disbursement of the loan in all the six-geopolitical zones and expand its loan facilities beyond the five sectors already captured.