The Senate has taken decisive action by resolving to investigate the acquisition and utilization of the N30 trillion Ways and Means loans by the former administration of President Muhammadu Buhari. Ways and Means loans, a facility through which the Central Bank of Nigeria (CBN) finances government budget shortfalls, have come under scrutiny for their alleged reckless spending during the tenure of Godwin Emefiele.
In response to mounting concerns over food and security crises plaguing the nation, the Senate has announced the formation of an ad hoc committee to delve into the specifics of the N30 trillion overdraft and its expenditure. This move comes amidst ongoing challenges such as rising inflation, currency depreciation, and escalating insecurity, which have taken a toll on Nigerian citizens.
Criticism has intensified against President Bola Tinubu and his economic team following last year’s fuel subsidy removal and exchange unification policy, which exacerbated existing economic hardships. While Tinubu’s cabinet members attribute the crises to the mismanagement of the Buhari regime, they argue that current reforms aim to rectify past administration’s shortcomings.
The Senate’s investigation is poised to uncover the alleged mismanagement of resources under the Buhari administration. Buhari’s previous request to convert the N22.7 trillion Ways and Means loan into a 40-year bond, along with additional borrowing to fund the 2022 supplementary budget, has sparked controversy. Despite the House of Representatives’ approval of the loan conversion, opposition arose in the Senate, with lawmakers demanding transparency and accountability regarding the loan’s utilization.
The contentious nature of Buhari’s request prompted heated debates in the Senate, with lawmakers citing constitutional provisions and demanding detailed expenditure reports. This probe signifies a critical step towards transparency and accountability in governance, as the Senate seeks to uphold the interests of Nigerian citizens and ensure responsible financial management.
