Senate Commences Probe Of N30trillion ‘Ways And Means’ Loan Taken By Buhari

President Muhammadu Buhari 1 4.webp

the Nigerian Senate has commenced an investigation into the N30 trillion Ways and Means the Central Bank of Nigeria (CBN) released to former President Muhammadu Buhari’s administration as loan.

The Senate on Tuesday appointed Senator Jibrin Isah representing Kogi East Senatorial District as the Chairman of an ad-hoc committee to investigate the disbursement of the loan by the past administration.

Other members of the ad-hoc committee include Senator Ekpeyong Asuquo, Senator Mohammed Tahir Monguno, Senator Victor Umeh, Senator Olamilekan Adeola, Senator Sani Musa, Senator Aliyu Wadada, Senator Abdul Ningi, Senator Ipalibo Banigo and Senator Banigo Harry.

The ad-hoc committee was given four weeks to turn in their report for legislative debate on how the N30 trillion Ways and Means was disbursed by the former President government.

The setting up of the ad-hoc committee was sequel to the adoption of the resolution of last Tuesday on the need to probe the Ways and Means spending during the past administration.

Recall that the Ways and Means is an overdraft taken directly from the CBN to solve contingency needs of the country following approval and directive by the executive arm of the government which would have to be ratified by the parliament.

Leadership reports that the Senate also commenced investigation into the affairs of Ajaokuta Steel Company Limited and the National Ore Mining Company (NIOMCO) in Kogi State from 2008 to date.

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The lawmakers are to investigate and unravel the mystery behind the payment of $496 million allegedly made to the Chairman of the Global Infrastructure Holdings Ltd (GINL), Mr. Pramod Mittal, by the Nigerian government in September 2022 as settlement over contractual disputes.

It was gathered that the Senate is conducting a holistic investigation into the circumstances that led to the re-concession of NIOMCO even when the initial Concession Agreement was validly terminated by former President Musa Yar’adua administration with positive review by the International Chamber of Commerce, London.

The investigation was sequel to a motion sponsored by the Senator representing Kogi Central Senatorial District, Senator Natasha Akpoti-Uduaghan.

ugamatv had reported last week that the Senate debate on Ways and Means threw the chamber into a rowdy session when the motion was raised without details of how the fund was spent.

Senator Ali Ndume representing Borno South Senatorial District, insisted that details of Ways and Means must be provided according to parliamentary rules.