SECRET EXPOSED! Buhari In trouble As Senate Opens Up On How He Allegedly Spent N30 Trillion Without Accountability
On Tuesday, February 20, 2024, the Senate took a decisive step by resolving to launch an investigation into the staggering N30 trillion allocated for Ways and Means during the tenure of former President Muhammadu Buhari’s administration. This monumental sum, deemed irresponsibly disbursed by the Senate, is believed to have played a significant role in exacerbating the prevailing poverty afflicting Nigerians.
In response to mounting concerns, the upper chamber of the National Assembly swiftly appointed an ad hoc committee tasked with probing the disbursement and utilization of the said loan. This critical decision materialized
following the presentation of a comprehensive report by the Joint Senate Committee on Banking, Insurance, and Other Financial Institutions, Finance, National Planning, Agriculture, and Appropriation during a plenary session. The resolution, announced by Senate President Godswill Akpabio, garnered. widespread support from the majority of senators present, evident in the affirmative voice vote. The Senate’s proactive stance underscores a firm commitment to transparency, accountability, and equitable governance, as it endeavors to unravel the complexities surrounding the allocation and expenditure of substantial public funds.
Mr Akpabio stated the members of the
ad hoc committee would be unveiled
during the session on Wednesday. “The ad hoc committee be set up to interrogate the details of the ways and means and their disbursement and usage particularly the intervention programmes such as Anchor Borrowers Programme, excess funding in the power sector, monies given to manufacturers and banks and airlines to which of course increased the current debt profile
of the country, the senate president
said
The report was delivered by Yahaya Abdullahi, chairman of the joint committee, who highlighted that the ways and means loan was one of the primary issues contributing to the current economic difficulties.
Mr Abdullahi, who represents Kebbi North on the Peoples Democratic Party’ s (PDP) platform, encouraged the federal government to settle the N30 trillion debt to lower the money supply He also urged the CBN to guarantee that beneficiaries of various intervention Initiatives who failed to use the funds wisely return the funds authorised to them
What Is Ways And Means?
Ways and Means is a term used
describe the overdraft facility that the
Central Bank of Nigeria (CBN) provides to the Federal Government to finance its budget deficit. The CBN Act of 2007 limits the amount of Ways and Means to 5% of the previous year’ s revenue, and
requires the government to repay it
within 12 months.
However, the Senate alleged that the
Buhari administration violated these
provisions and accumulated a huge debt.
of N30 trillion from the CBN, without
providing details of how the money was
spent or repaid.
How N30 Trillion Ways And Means Was
Approved
Barau Jibrin, the deputy senate president, who was the chairman of the Appropriations Committee in the immediate past senate, explained that leadership of the upper chamber at the time approved the N30 trillion without proper details and background. Mr. Jibrin said when his committee queried the missing details of the ways and means when it was proposed, the federal government promised to send the proper details of the loan.
He, however, noted that the federal
government failed to send the details of
the loan.
He said the ninth assembly approved the
ways and means request in the
expectation that the federal govemment
would send details containing what the
funds were meant for and how the fund
would be disbursed.
“We said yes, we are going to pass it but
why did we even put it together. They
said because of certain situations that
were urgent. We said we were going to
pass it but bring your details later and it
was a collective action by the Senate
and that was done.”
Why Is The Senate Probing Buhari?
The Senate’s decision to revisit the N30
trillion Ways and Means as the Senate
had approved the Ways and Means for
the Buhari administration in the past 10
years, but never received any report on
its utilization or repayment.
He said that the Senate had a duty to
ensure accountability and transparency
in the management of public funds, and
to safeguard the independence and
integrity of the CBN. He also expressed
concern that the excessive borrowing
from the CBN could have negative
implications for the economy, such as
inflation, exchange rate depreciation, and
loss of confidence.
The motion was unanimously adopted
by the Senate, and a seven member ad
hoc committee was set up to conduct
the probe. The committee was given four
weeks to submit its report to the Senate
How Did Buhari React To The Probe?
Former President Muhammadu Buhari
who left office in May 2023, has not
people released a public statement over the Senate’ s investigation. However,
close to him indicated that he was
unconcerned about the probe and was
willing to assist with the committee and
offer any information they requested.
Vanguard
