Senate To Probe N30trn Ways And Means Under Buhari

The Senate has begun probing the utilization of N30 trillion in Ways and Means funds during the administration of former President Muhammadu Buhari.

The Senate has stated that the spending during Buhari’s tenure was reckless, contending that it has led to the present-day food and security crises in Nigeria.

It specifically alleged that the imprudent utilization of overdrafts obtained from the Central Bank of Nigeria (CBN) under Godwin Emefiele’s leadership largely contributed to the ongoing national challenges.

It resolved to set up an Ad-hoc committee to investigate what the N30 Trillion Ways and Means were spent on by the immediate past government since details of such spending were deliberately not made available to the National Assembly

The Ad-hoc committee, set to be formed this Wednesday, will additionally scrutinize the allocation of 10 trillion towards the Anchor Borrowers Scheme, the utilization of $2.4 billion from a $7 billion forex transaction earmarked for that purpose, along with other intervention programs.

The Senate’s resolutions on planned investigations were followed by the consideration of a report from its joint committee on Banking, Insurance, and other Financial Institutions, Finance, National Planning, Agriculture, and Appropriation.

This followed by interactive sessions with the Federal Government Economic Management Team

The plenary session held on Tuesday for the report consideration was characterized by intense discussions, as Senators traded accusations and counter-accusations.

They delved into the details surrounding the approval of N22.7 trillion in Ways and Means by the 9th Senate in May 2023, along with the additional N7.2 trillion passed on December 30, 2023, by the 10th Senate

Senator Ali Ndume, the Senate Whip representing APC Borno South, directly pointed out the Senate’s approval of the request without receiving sufficient details from then-President Buhari.

“When the N22.7 trillion Ways and Means approval request was brought before the 9th Senate, I insisted that details of spendings made with it should be provided before approval but the Senate then went ahead and approved it,” he said.

He was, however, countered by the Deputy President of the Senate, Senator Jibrin Barau, who stated that the decision taken was a collective one with the caveat that the executive should provide details later, which, however, was not provided.

The President of the Senate, Senator Godswill Akpabio, stated that by the committee’s recommendation and backed by the majority of Senators, a thorough probe must be conducted into the N22.7 trillion Ways and Means approved by the 9th Senate in May 2023.

This figure later rose to 30 trillion with the passage of the N7.2 trillion accrued interest forwarded for approval in December last year.

“The food and security crises confronting the Nation now, are traceable to the way and manner the said Ways and Means were given, collected, and spent.

“Details of such spending must be submitted for required scrutiny and possible remedies because what Nigerians want now is food on their table, which must be given.

“Other recommendations made by the committee on the need for a thorough investigation of the N10trillion Anchor borrowers program, and other intervention programs running into billions of dollars must be investigated

“But as rightly recommended by the joint committee, security agencies should as a matter of national urgency combat all forms of insecurity across the country for farmers to access their farms for required food production highly needed in the country now”, ” he said.

Kanyi Daily recalls that the Nigerian Senate had called security chiefs for interaction in response to the escalating insecurity in the country, with the specific date to be decided later