The Senate on Tuesday resolved to look into the N30 trillion in ways and means that the Federal Government under former President, Muhammadu Buhari allegedly spent carelessly.
Naija News reports that the senate during its Tuesday plenary blamed the country’s current food and security challenges on the careless issuance of overdraft under the watch of former governor of the Central Bank of Nigeria, Godwin Emefiele.
The Red Chamber at the plenary, formed an ad hoc committee to look into what the previous government did with the N30 trillion in Ways and Mean.
On Wednesday, the ad hoc committee will convene and look into the N10 trillion spent on the Anchor Borrowers Scheme, the $2.4 billion FX transaction out of the $7 billion obligation made for that purpose, and other intervention programs.
The Senate resolved to investigate how the past administration spent the ways and means fund after the consideration of reports of its joint Committee on Banking, Insurance and other Financial Institutions, Finance, National Planning, Agriculture and Appropriation on State of the Economy after an interactive session with the Federal Government’s economic management team
The report’s discussion in plenary on Tuesday was fraught with accusations and counter-accusations by senators over why and how the N22.7tn Ways and Means was passed by the 9th Senate in May 2023, and an extra N7.2tn by the 10th Senate on December 30, 2023, respectively.
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