Senate to Investigate Utilization of N30 Trillion Through Ways and Means Under Buhari Administration

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The Senate has announced its intention to investigate the utilization of the N30 trillion secured through ways and means during the tenure of former President Muhammadu Buhari. The decision follows the consideration of a report by the joint committee on banking, finance, national planning, agriculture, and appropriation on Tuesday.

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Ways and means represent a loan facility where the Central Bank of Nigeria (CBN) provides short-term financing to cover government budget shortfalls. Initially, Buhari sought approval for N22.7 trillion, but the figure has now risen to N30 trillion, as revealed in the joint committee’s report.

Yahaya Abdullahi, the committee’s chairman, emphasized the need for proactive measures due to the fall of the naira, citing persistent inflation and economic challenges. Ali Ndume, the Senate’s chief whip, recalled his insistence on details of spending when the N22.7 trillion request was made, and the Senate’s subsequent approval.

Senate President Godswill Akpabio stressed the necessity of providing details for the ways and means spending. The Senate will also investigate the Anchor Borrowers’ Programme (ABP), and an ad hoc committee will be inaugurated on Wednesday to probe the funds obtained through ways and means and the ABP.


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