The Senate has decided to investigate the acquisition and expenditure of the N30 Trillion Ways and Means loans by the administration of former President Muhammadu Buhari.
The CBN finances the government's budget shortfalls through the loan facility known as the Ways and Means.
The senate attributed the food and security crises the country is currently facing to the reckless spending of the overdraft collected from the CBN under Godwin Emefiele.
The red chamber subsequently agreed to form an ad hoc committee to look into the utilization of the N30tn overdraft by the previous administration, highlighting the deliberate lack of transparency with the National Assembly.
The ad-hoc committee, established on Wednesday, will also investigate the N10tn spent on the Anchor Borrowers Scheme, the $2.4bn forex transaction out of the $7bn obligation made for that purpose, and other intervention programs.
The development occurred amidst a biting food crisis, increasing inflation, naira depreciation, and worsening insecurity that continue to impact Nigerians.
President Bola Tinubu and his economic team are facing severe criticism following the harsh economic conditions unleashed on citizens by last year's fuel subsidy removal and exchange unification policy.
Tinubu’s cabinet members persist in claiming that the current crises were worsened by the severe mismanagement of the Buhari regime, asserting that the current reforms aim to correct the mistakes of the previous administration.
The latest move by the Senate is set to uncover the alleged mismanagement of the country and its resources by the Buhari administration.
