Destruction of Nigeria’s Economy: Senate Probes Buhari over Missing N30 Trillion CBN Loans

The Senate convened yesterday to address the concerning issue of the purported misappropriation of N30 trillion allocated through Ways and Means during the previous administration led by President Muhammadu Buhari. Jibrin Isah from Kogi East was appointed as the Chairman of the Adhoc Committee tasked with investigating this matter further.

This move follows heated debates within the chamber, emphasizing the need for transparency and adherence to parliamentary rules regarding the allocation and expenditure of such significant funds.

Deputy Senate President Jibrin Barau underscored the gravity of the situation, expressing concerns over alleged reckless spending contributing to inflationary pressures in the economy. The Ways and Means overdraft, intended to address contingency needs, has raised questions regarding its utilization and subsequent impact.

Barau urged the committee to conduct a thorough investigation aimed at recovering the allocated funds, emphasizing the imperative of fiscal accountability and prudent financial management.

The appointed committee, comprising members such as Ekpeyong Asuquo, Mohammed Tahir Monguno, and others, has been given a four-week mandate to compile a comprehensive report for legislative scrutiny. The probe seeks to delve into the specifics of how the allocated funds were utilized and to identify any irregularities or discrepancies in their expenditure.

IMAGE: The Guardian

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