On Tuesday, the Senate took a decisive step to scrutinize the alleged careless spending of N30 trillion by the Federal Government during the tenure of former President Muhammadu Buhari.
During the plenary session, concerns were raised about the impact of the imprudent issuance of overdrafts, particularly under the leadership of the former Central Bank governor, Godwin Emefiele, on the current food and security challenges facing the nation.
To delve deeper into this matter, the Senate established an ad hoc committee that will convene on Wednesday. The committee’s focus includes examining the utilization of N10 trillion in the Anchor Borrowers Scheme, investigating the $2.4 billion FX transaction from the $7 billion allocated for that purpose, and assessing other intervention programs.
Senate to probe Buhari and Emefiele over N30trn Ways and Means pic.twitter.com/rNilOwmbII
— Blinkscoop Official (@Blinkscoop1) February 21, 2024
The decision to investigate the allocation and utilization of the N30 trillion in Ways and Means comes after a thorough consideration of the reports presented by the joint Committee on Banking, Insurance and other Financial Institutions, Finance, National Planning, Agriculture, and Appropriation. These reports were based on an interactive session with the Federal Government’s economic management team regarding the State of the Economy.
During the plenary discussions on Tuesday, senators engaged in a spirited exchange of accusations and counter-accusations. The focus was on the approval of N22.7 trillion in Ways and Means by the 9th Senate in May 2023, and an additional N7.2 trillion approved by the 10th Senate on December 30, 2023.
