- By Halimah Olamide
Days of questions lay ahead for former President Muhammadu Buhari and his Central Bank Governor, the embattled Godwin Emefiele, as the Upper Chamber of the Nigerian Legislature has resolved to probe how the administration spent a sum of N30trn loan procured through the financial strategy called “ways and Means.”
In resolving to probe the funds, the Senate concluded that the alleged reckless spending of the money is one of the factors driving the current inflation in the country adding that the food crisis is also part of the problems.
After the debate presided over by President, Godswill Akpabio, an ad-hoc committee was set up just as the Senate said details of the spendings were not made available to the National Assembly at the time.
The committee will also probe the N10tn expended on the Anchor Borrowers Scheme, the $2.4bn forex transaction out of the $7bn obligation made for that purpose as well as other intervention programmes.
the Senate’s resolutions on Tuesday followed the consideration of the report of its Joint Committee on Banking, Insurance and Other Financial Institutions, Finance, National Planning, Agriculture and Appropriation on State of the Economy after interactive sessions held with the Federal Government economic management team.
But the consideration of the report during the plenary was stormy with accusations and counter-accusations by Senators on how the N22.7tn Ways and Means was passed by the 9th Senate in May 2023.
The lawmakers were also miffed by the passage of N7.2tn on December 30, 2023, by the 10th Senate.
Specifically, the Whip of the Senate, Senator Ali Ndume (APC Borno South), in his contribution blamed the Senate for approving the request without details from former President Buhari.
Ndume said, “When the N22.7trn Ways and Means approval request was brought before the 9th Senate, I insisted that details of spending made with it should be provided before approval but the Senate then went ahead and approved it.”