Senate begins probe of N30 trillion Ways and Means under Buhari
The Senate has set up an ad-hoc committee to investigate N30 trillion ways and means
overdraft extended by the Central Bank of Nigeria to the Federal Government under President Muhammadu Buhari.
The committee, announced by the Deputy President of the Senate, Jibrin Barau, will be chaired by Senator Jibrin Isah (Kogi East) with Ekpeyong Asuquo, Mohammed Monguno, Victor Umeh, Olamilekan Adeola, Sani Musa, Aliyu Wadada, Abdul Ningi and Ipalibo Banigo are members.
The ad-hoc committee has four weeks to turn in its findings on how the N30 trillion was disbursed by the last administration.
The resolution follows the adoption of the report of the committee on banking last week on the need to probe the ‘Ways and Means’ spending under the former President.
The ‘Ways and Means’ is an overdraft taken directly from the Central Bank of Nigeria to solve the contingency needs of the nation.
The lawmakers last week raised concerns on the spending by the Buhari administration without details of disbursement.
The lawmakers lamented that the financial obligation to the CBN now stands at N30 trillion and the inability to repay this by the Federal Government of Nigeria has led to the regularization of a 40-year loan at 9 percent interest per annum.
