In a move that has sparked controversy across the nation, Nigeria’s Senate has approved President Muhammadu Buhari’s request for the sum of N22.7 trillion.
This money, borrowed by the Federal Government from the Central Bank of Nigeria (CBN) through “ways and means advances”, was spent by the executive arm without the initial approval of the National Assembly. News About Nigeria reports.
President Buhari had requested approval of the funds in December 2022, but faced opposition from some Peoples Democratic Party (PDP) senators. These lawmakers demanded records of what the funds were spent on before approval could be given to the request.
The approval of such a large sum of borrowed funds has raised concerns about the government’s accountability and transparency in its use of public funds.
The opposition lawmakers are not the only ones calling for more transparency. Civil society organizations and concerned citizens have also voiced their concerns and demanded more information about how the money was spent.
Despite these concerns, the Senate finally approved the request during plenary after the Senate Leader, Ibrahim Gobir, presented a report before the lawmakers.
The approval of such a significant amount of funds borrowed from the CBN raises questions about Nigeria’s debt sustainability, with the country’s debt having risen rapidly in recent years.
The controversy surrounding this approval highlights the need for greater transparency and accountability in Nigeria’s public spending practices. It also underscores the importance of balancing the government’s borrowing for investment with managing the country’s debt sustainability.
As Nigeria seeks to achieve its economic development goals, it must ensure that it does so in a way that benefits all its citizens and safeguards its long-term economic stability. The controversy surrounding this approval will likely continue to generate public debate and scrutiny in the coming weeks and months.
