The Senate made a pivotal decision on Tuesday, opting to launch an investigation into the acquisition and utilization of the N30 trillion Ways and Means loans obtained by the Central Bank of Nigeria during the administration of former President Muhammadu Buhari.
These loans, designed as a financing mechanism to address government budget shortfalls, have come under scrutiny for alleged reckless spending under the leadership of Godwin Emefiele, contributing significantly to the ongoing food and security crises in the country.
Expressing concern over the lack of transparency, the Senate resolved to establish an ad hoc committee to delve into the specifics of how the N30 trillion overdraft was expended during the past administration.
This move comes amidst claims that the details of the spending were deliberately withheld from the National Assembly.
Scheduled to be constituted on the following day, this ad-hoc committee is not limited to investigating the N30 trillion overdraft but also extends its scope to the N10 trillion allocated to the Anchor Borrowers Scheme.
Additionally, it will scrutinize the $2.4 billion forex transaction, part of the $7 billion obligation designated for a specific purpose, and other intervention programs.
Against the backdrop of pressing challenges faced by Nigerians, including a severe food crisis, rising inflation, naira depreciation, and heightened insecurity, the Senate’s decision reflects a commitment to addressing economic concerns.
President Bola Tinubu and his economic team have faced intense criticism, particularly in the aftermath of last year’s fuel subsidy removal and exchange unification policy, which imposed harsh economic conditions on citizens.
In response to criticisms, members of Tinubu’s cabinet have defended the current administration, attributing the crises to the mismanagement of the Buhari regime.
They argue that the ongoing reforms are aimed at rectifying the perceived wrongs of the previous administration.
The Senate’s recent move is expected to provide a comprehensive understanding of the alleged mismanagement of funds during the Buhari administration, shedding light on the economic challenges faced by Nigeria during that period.