The Senate has taken a significant step in investigating the utilisation of the N30tn Central Bank of Nigeria (CBN) loans acquired during the tenure of former President Muhammadu Buhari, along with scrutinising the actions of CBN Governor Godwin Emefiele.
This decision follows mounting concerns over the reckless expenditure of overdrafts obtained from the CBN under Emefiele’s leadership, which is believed to have exacerbated the country’s current food and security crises.
In a bid to unravel the mysteries surrounding the N30 trillion overdraft, the Senate has announced plans to establish an ad hoc committee tasked with investigating the expenditure of these funds during the past administration. The committee will also delve into the allocation of N10trillion towards the Anchor Borrowers Scheme, as well as scrutinise a $2.4billion forex transaction out of the $7billion earmarked for specific purposes, among other intervention programs.
This move by the Senate comes amidst a backdrop of escalating food shortages, rising inflation, currency depreciation, and worsening security challenges, which have significantly impacted the lives of Nigerians.
President Bola Tinubu’s economic policies have faced intense criticism, particularly following last year’s fuel subsidy removal and exchange rate unification measures, which have further exacerbated the economic hardships faced by citizens.
Tinubu’s administration, however, contends that the current crises are a result of the mismanagement during the Buhari regime, and the ongoing reforms are aimed at rectifying the past administration’s shortcomings.
The Senate’s decision to investigate the utilisation of the N30tn loans is expected to shed light on the alleged mismanagement of resources under the Buhari administration.
Previously, Buhari had requested the conversion of the N22.7trn Ways and Means loan to a 40-year bond, along with an additional N1trn borrowing to fund the 2022 supplementary budget, a move that sparked controversy within the Senate.
As the Senate delves into this probe, Nigerians await eagerly for transparency and accountability in the handling of the nation’s finances and resources.