By Andrew Oota
Senators on Tuesday expressed concerns that excessive borrowings and reckless application of means and ways under President Muhammadu Buhari’s administration are responsible for the current economic hardship faced by Nigerians.
Senators came heavily,particularly on the 22.8trillion naira Ways and Means overdraft extended by the Central Bank of Nigeria (CBN), to the federal government under President Muhammadu Buhari and resolved to institute a holistic probe.
While debating on the report of the Joint Committee on Banking, Insurance & Other Financial Institutions (BIOFI) Finance, National Planning, Agriculture and Appropriation, Senators were of the opinion that the need to examine the details of the borrowing and it’s application.
Taking turns to argue on the subject, the lawmakers regretted that the previous government, contrary to the request of the National Assembly, did not provide lawmakers with explanation of the process.
For senator Ali Ndume the entire borrowing was shredded in secrecy.
His words, “be serious with what we do here. Nigerians are watching us.”
He lamented the current economic hardship in the country, regretting that the executive was “wallowing in a problem and wants to drag all of us into it.”
Regarding the federal government’s request in 2023 for the now controversial Ways and Means, the Borno South lawmaker insisted that the Red Chamber was not provided with the details of the overdraft, and as such could not “approve illegality.”
Referring colleagues to the 1999 Constitution, he said that the National Assembly was not empowered to review expenditures made after approval, by ministries, agencies and departments of government.
Ndume insisted that he was not part of the plenary which approved the Ways and Means in advance but it was required that after funds were spent, the Executive was expected to revert with details of how the funds were expended, hence.
He noted that the report presented lacked details, saying, “Mr President, I was not part of the plenary that gave the nod for Ways and Means but the detail of funds spent was not provided. This is illegal.”
In a bid to clarify Senator Ndume’s concerns, Senator Barau Jibril who then was the Chairman of the Committee of the Upper Chamber on Appropriation explained that “Ways & Means is meant to be a temporary overdraft approved by the CBN to the executive arm of government.
“Such overdraft requests come in the case of an emergency. And it was an overdraft to the previous government.
The passage of the Ways and Means was a collective responsibility.
Attempts by the Deputy Senate President, Barau Jibril, who was the Chairman, Appropriation Committee of the Ninth Senate to placate Senator Ndume’s demand for an explanation of the details of the Ways and Means was not satisfactorily received by the Chamber.
On his part, Senator Ahmad Lawan under whose leadership the Ninth Senate approved the overdraft to cater for the federal government’s Anchor Borrower Programme and other key social, economic and infrastructural programmes, countered Senator Ndume, maintaining that “let no one here say that the Senate cannot revisit issues. There’s nothing this National Assembly cannot look at, and consider.
“The National Assembly can look at expenditures and sanction unlawful and unauthorized expenditures.
“What was approved was N22 trillion, and another N819 billion to address infrastructures, and others.
“But Nigerians want today is food and security. We should be looking at how to provide food and security to Nigerians.”
The former Senate President equally okayed the need “to look at the past and consider the unpleasant present.”
His position was supported by Senator Mohammed Goje, who argued that the upper legislative Chamber had the power to approve.
In his intervention, the Senate President explained that past expenses put the country in the current situation, and must be addressed, pointing out that reviewing the present situation was critical.
He stressed that the Senate must look for ways to assist the federal government to end the situation in the country, even as he added that the Ways and Means jerked up from 22 trillion naira to 30 trillion naira due to accrued interests.
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