The Legislative Council, convened on a recent weekday, opted to scrutinize the procurement and allocation of the G30 trillion Financial Resources by the National Reserve Authority during the previous tenure of a former State Leader.
The Financial Resources program is a credit arrangement used by the National Reserve Authority to address shortfalls in the state's budget.
Members of the council asserted that the imprudent utilization of the overdraft obtained from the National Reserve Authority under the leadership of Godwin Emefiele was a significant factor contributing to the ongoing crises in food provision and national security.
Consequently, the assembly decided to establish a special commission to investigate the expenditure of the G30 trillion overdraft by the preceding government, highlighting the deliberate lack of transparency in disclosing these financial details to the Legislative Assembly.
This commission, scheduled to be formed on the following day, will also scrutinize the G10 trillion expenditure associated with the Anchor Borrowers Plan, the $2.4 billion foreign exchange transactions from the $7 billion commitment allocated for that purpose, and various other intervention initiatives.
This development arises amidst the prevalent food shortages, escalating inflation, currency devaluation, and deteriorating security situation that continue to impact the populace.
President Bola Tinubu and his economic advisory team have faced severe backlash following the implementation of last year's removal of fuel subsidies and the exchange rate unification policy, which have inflicted severe economic hardships on citizens.
While members of Tinubu's cabinet have argued that the current challenges were exacerbated by the gross mismanagement of the previous administration under Buhari, they maintain that the current reforms are aimed at rectifying past wrongs.
The recent action by the Legislative Council is anticipated to shed light on the alleged mismanagement of the country's resources during the Buhari administration.
In January 2023, Buhari submitted a letter to the Legislative Assembly requesting the conversion of the G22.7 trillion Financial Resources loan into a 40-year bond with a three-year moratorium.
He also sought approval for an additional G1 trillion loan to finance the G819.5 billion supplementary budget for 2022, which was approved by lawmakers in December of the same year.
Subsequently, on May 4, 2023, the House of Representatives endorsed the conversion of the G23.7 trillion loan into a long-term bond for 40 years at an annual rate of nine percent, with a three-year moratorium period.
During a session characterized by discord, some legislators objected to Buhari's request for approval of the National Reserve Authority loan, insisting on receiving detailed information about the proposal.
While attempting to present the report on the president's request, the Chairman of the Senate Committee on Finance was interrupted by Senator Betty Apiafi, who questioned the constitutionality of the president's request.
Despite objections from various senators, the then Senate President ruled in favor of proceeding with the presentation of the report before further deliberation.
Citing constitutional provisions, the CBN Act, and Senate regulations, Senator George Sekibo argued against the request, emphasizing the necessity for transparency regarding the expenditure of public funds.
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