The Senate on Wednesday during the plenary ratified the sum of N22.7 trillion spent by the Federal Government without the parliament’s approval.
This followed the adoption of a report presented by the Senate Leader, Ibrahim Gobir, at the plenary in Abuja.
President Muhammadu Buhari had in December last year pleaded with the Senate to ratify the restructuring of the funds borrowed by the federal government from the Central Bank of Nigeria (CBN) through the “ways and means” advances.
Buhari had in his presentation said it would cost the federal government about N1.8 trillion in interest if the National Assembly failed to approve N22.7 trillion in extra-budgetary spending.
Numerous of the senators were not happy with the report, claiming they were unaware of the “ways and means” provision which allows the government to borrow short-term or seek emergency finance from the CBN to fund delayed government’s expected cash receipts of fiscal deficits.
In his presentation, Senator Gobir said part of the money was given to states as loans.
He listed some of the beneficiaries of the funds to include the office of the Accountant-General of the Federation, the ministry of foreign affairs (ECOWAS national unit), Nigeria Bulk Electricity Trading, Azura Power West Africa, Niger Delta Power Holding Company, and Accugas Limited.
