On Tuesday, the Senate stirred a mild controversy by deciding to reexamine the N30 trillion Ways and Means allowance it had sanctioned for the Federal Government during the tenure of former President Muhammadu Buhari. The Senate alleged that the lack of transparency regarding the expenditure of the overdraft obtained from the Central Bank of Nigeria (CBN), under the leadership of Godwin Emefiele, contributed significantly to the current food and security crises in the nation.
In response, the Senate resolved to establish an ad hoc committee to conduct a comprehensive inquiry into how the N30 trillion was utilized by the previous administration, as details of such expenditures were deliberately withheld from the National Assembly. This committee, slated to be formed on Wednesday, will also scrutinize the N10 trillion allocated to the Anchor Borrowers Scheme, the $2.4 billion forex transaction from the $7 billion earmarked for that purpose, and other intervention programs.
The Senate’s decision followed the review of a report from its joint committees on Banking, Insurance, and Other Financial Institutions; Finance; National Planning; Agriculture; and Appropriations, regarding the state of the economy after interactions with the Federal Government’s economic management team.
During the plenary session on Tuesday, discussions surrounding the approval of the N22.7 trillion Ways and Means by the 9th Senate in May 2023, along with an additional N7.2 trillion passed by the 10th Senate on December 30, 2023, were heated and contentious. Senator Ali Ndume, the Senate Whip, admitted to the Senate’s oversight in approving the request without detailed expenditure breakdowns from President Buhari. Conversely, Deputy Senate President Senator Jibrin Barau contended that the approval was made collectively with the understanding that the executive would provide the necessary details later, which never materialized.
Senate President Senator Godswill Akpabio underscored the need for a thorough investigation into the N22.7 trillion Ways and Means approved by the 9th Senate, which subsequently increased to N30 trillion with the passage of an additional N7.2 trillion in December 2023. Akpabio emphasized that the nation’s current food and security crises can be attributed to the opaque handling of the Ways and Means, urging for transparency in expenditure reporting. Additionally, Akpabio supported the committee’s recommendations for investigations into the Anchor Borrowers Programme and other intervention initiatives, while also calling for urgent action from security agencies to address the pervasive insecurity hindering agricultural activities across the nation.