Senate Resolves to Probe N30 Trillion “Ways and Means” Spending by Previous Administration

The Senate has resolved to investigate the N30 trillion spent through the “Ways and Means” mechanism by the former President Muhammadu Buhari-led Federal Government. According to the Senate, the funds were recklessly spent, contributing to the current food and security crises facing the country.

A decision was reached to establish an ad-hoc committee to conduct a thorough investigation into the utilization of the N30 trillion Ways and Means, as details of the spending were not made available to the National Assembly. The committee, to be constituted soon, will also scrutinize the N10 trillion expended on the Anchor Borrowers Scheme, the $2.4 billion forex transaction out of a $7 billion obligation, and other intervention programs.

The resolution followed the consideration of a report by the joint Committee on Banking, Insurance and other Financial Institutions, Finance, National Planning, Agriculture, and Appropriation on the State of the Economy after interactive sessions with the Federal Government’s economic management team.

During the deliberations, senators engaged in heated exchanges over the approval of the N22.7 trillion Ways and Means by the 9th Senate in May 2023, and an additional N7.2 trillion passed in December 2023 by the 10th Senate. Senator Ali Ndume criticized the lack of details provided by the Buhari administration when the requests were approved, while Deputy Senate President Jibrin Barau defended the collective decision, noting the expectation of receiving details later, which were not provided.