The Senate has announced its intention to investigate the alleged reckless spending of ₦30 trillion in Ways and Means by the former President Muhammadu Buhari-led Federal Government. According to the Senate, this spending, particularly the overdraft collected from the Central Bank of Nigeria under Godwin Emefiele, has contributed significantly to the current food and security crises in the country.
During a plenary session on Tuesday, the Senate revealed its plans to establish an ad-hoc committee to conduct a thorough investigation into the utilization of the ₦30 trillion Ways and Means funds, as details of these expenditures were not disclosed to the National Assembly. Additionally, the committee will scrutinize the utilization of the ₦10 trillion allocated to the Anchor Borrowers Scheme, the $2.4 billion forex transactions out of a $7 billion obligation, and other intervention programs.
The decision to launch these investigations followed the consideration of a report by the joint Committee on Banking, Insurance and other Financial Institutions, Finance, National Planning, Agriculture, and Appropriation, which evaluated the state of the economy after engaging with the Federal Government’s economic management team.
The discussion in the Senate chamber was marked by intense debate, with senators exchanging accusations regarding the approval of the ₦22.7 trillion Ways and Means request in May 2023 by the 9th Senate and the subsequent increase to ₦30 trillion, including the passage of an additional ₦7.2 trillion accrued interest in December of the same year.
While some senators, like Ali Ndume, criticized the lack of transparency in the approval process, others, including former Senate President Ahmad Lawan, emphasized the importance of addressing present challenges such as food insecurity.
Senate President Godswill Akpabio reiterated the necessity of conducting a thorough probe into the allocation and utilization of these funds, stressing the importance of accountability in addressing the current food and security crises. He also emphasized the need for security agencies to prioritize combating insecurity to facilitate agricultural production and ensure food security nationwide.
