The Senate has commenced investigation of N30 Trillion Ways and Means spent by former President Muhammadu Buhari's led government.
The Senate has declared that the spending under Buhari was reckless, insisting that it is behind the food and security crises Nigeria is faced with today.
It specifically alleged that reckless spending of the overdraft collected from the Central Bank of Nigeria (CBN), under Godwin Emefiele, largely accounted for food and security crises, bedeviling the Nation now.
It consequently resolved to set up an Ad - hoc committee , to carry out investigation on what and what the N30 Trillion Ways and Means were spent on by the immediate past government since details of such spendings were deliberately not made available to the National Assembly .
The Ad-hoc committee which will be constituted on Wednesday this week, will also probe the 10 Trillion expended on Anchor Borrowers Scheme , the $2.4billion forex transaction out of $7billion obligation made for that purpose as well as other intervention programmes.
Senate's resolutions on planned investigations, followed by consideration of a report of its joint committee on Banking, Insurance and other Financial Institutions, Finance, National Planning, Agriculture and Appropriation on State of the Economy after interactive sessions with the Federal Government Economic management team.
The report consideration in plenary Tuesday, was very stormy with accusations and counter accusations by Senators on why and how the N22.7 trillion ways and means was passed by the 9th Senate in May 2023 and additional N7.2 trillion passed on 30th December , 2023 by the 10th Senate.
Specifically, the Whip of the Senate, Senator Ali Ndume ( APC Borno South), in his contribution, blamed the Senate for approving the request without details from the then President (Muhammadu Buhari).
"When the N22.7 trillion Ways and Means approval request was brought before the 9th Senate, I insisted that details of spendings made with it should be provided before approval but the Senate then went ahead and approved it ", he said.
He was however countered by the Deputy President of the Senate , Senator Jibrin Barau , who said the decision taken then , was a collective one with caveat that the executive should provide details later, which was however not provided.
The president of the Senate, Senator Godswill Akpabio in his remarks said, as recommended by the committee, and supported by most of the Senators, thorough probe must be carried out on the N22.7 trillion Ways and Means approved in May 2023 by the 9th Senate which later increased to 30 Trillion, with passage of the N7.2 trillion accrued interest forwarded to us for passage in the December last year.
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"The food and security crises confronting the Nation now, are traceable to the way and manner the said Ways and Means were given, collected and spent.
"Details of such spendings must be submitted for required scrutiny and possible remedies, because what Nigerians want now is food on their table, which must be given.
" Other recommendations made by the committee on the need for thorough investigation of the N10trillion Anchor borrowers programme , and other intervention programmes ,running into billions of dollars must be investigated .
"But as rightly recommended by the joint committee, security agencies should as a matter of national urgency combat all forms of insecurity across the country for farmers to access their farms for required food production , highly needed in the country now", " he said.
