The Senate, on Tuesday, resolved to probe the N30tn Ways and Means spent by former President Muhammadu Buhari-led Federal Government, which according to it, was recklessly spent.
The Senate also asserted that the reckless spending of the overdraft obtained from the Central Bank of Nigeria during Godwin Emefiele’s tenure significantly contributed to the ongoing food and security crises in the nation.
The Senate subsequently agreed to establish an ad hoc committee to investigate the utilization of the N30 trillion Ways and Means by the immediate Buhari’s government, as details of such expenditure were not disclosed to the National Assembly.
The committee, which will be formed on Wednesday, will also scrutinize the N10 trillion spent on the Anchor Borrowers Scheme, as well as the $2.4 billion forex transaction out of a $7 billion obligation made for that purpose, along with other intervention programs.
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The Senate’s decisions to initiate investigations were prompted by 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 with the Federal Government’s economic management team.
The deliberation of the report during the plenary session on Tuesday was marked by senators levelling accusations and counter-accusations regarding the approval of the N22.7 trillion Ways and Means by the 9th Senate in May 2023, and an additional N7.2 trillion passed on December 30, 2023, by the 10th Senate.
Senator Ali Ndume (APC Borno South), the Senate Whip, specifically criticized the Senate for approving without receiving detailed information from President Buhari.
Ndume said, “When the N22.7 trillion 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.”
However, Deputy Senate President Jibrin Barau emphasized that the decision made at that time was a collective one, with the understanding that the executive would provide the necessary details later. However, these details were not subsequently provided as agreed.
In his defence, the former Senate President, Ahmad Lawan, claimed that the Ways and Means was in the past and urged the Senate to focus on the present.
Lawan said, “All of those are in the past; we must focus on the present, which is the fact that people are hungry and they are crying. That’s what we should focus on.”
The Senate President, Godswill Akpabio, said in his remarks that, “as recommended by the committee and supported by most of the senators, a thorough probe must be carried out on the N22.7tn Ways and Means approved in May 2023 by the 9th Senate which later increased to N30tn, with passage of the N7.2trillion accrued interest forwarded for passage in December last year.
Akpabio stated, “The current food and security challenges facing the nation can be attributed to the way and manner in which the said Ways and Means was given, collected and spent.
“Details of such spendings must be submitted for required scrutiny and possible remedies because what Nigerians want now is food on their table, which must be given.”
He added, ” Other recommendations made by the committee on the need for thorough investigation of the N10trillion Anchor Borrowers Programme and other intervention programmes 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.” #Buhari
