Senate Set to Probe Buhari over N30 trillion Spending

Senate Set to Probe Buhari over N30 trillion Spending

In a key development on Tuesday, the Nigerian Senate has resolved to beam its searchlights into the details of how a N30 trillion expenditure approved for the Federal Government during the tenure of former President Muhammadu Buhari was spent.

The lawmkers noted that crucial information regarding this substantial sum was not provided for scrutiny.

The Red Chamber raised concerns about the alleged reckless utilisation of the overdraft obtained from the Central Bank of Nigeria under Godwin Emefiele’s leadership for Ways and Means.

It was suggested that such spending significantly contributed to the current food and security challenges facing the nation.

To address these pressing issues, the Chamber has decided to establish an ad hoc committee tasked with conducting a comprehensive investigation into the utilization of the N30 trillion by the previous administration.

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This committee, scheduled to be formed on Wednesday, will also scrutinise the N10 trillion expended on the Anchor Borrowers Scheme, as well as a $2.4 billion forex transaction out of a $7 billion commitment earmarked for this purpose and other intervention programs.

These resolutions by the Senate followed a detailed review of the report from its joint committees on Banking, Insurance, and Other Financial Institutions; Finance; National Planning; Agriculture; and Appropriations, after engaging with the Federal Government’s economic management team.

During the heated plenary session on Tuesday, senators engaged in intense discussions and debates on why and how the N22.7 trillion Ways and Means was approved by the 9th Senate in May 2023, followed by an additional N7.2 trillion approved by the 10th Senate on December 30, 2023.

Senator Ali Ndume, the Senate Whip from Borno South, expressed regret over the approval of the requests without adequate details from the former President.

Conversely, Deputy President of the Senate, Senator Jibrin Barau, defended the decision as a collective one with the expectation that the executive would provide the necessary information later, which was not fulfilled.

In conclusion, Senate President Senator Godswill Akpabio emphasised the importance of a thorough investigation into the Ways and Means approvals.

He highlighted the critical need for transparency in spending, especially in addressing the current food and security challenges.

Additionally, Akpabio stressed the urgency for security agencies to combat insecurity to ensure farmers can access their farms for essential food production in the country.