Amid rising inflation, naira depreciation and worsening insecurity biting the country, the Senate on Tuesday resolved to probe the thirty trillion naira Ways and Means loans from the Central Bank of Nigeria obtained and spent by the administration of former President Muhammadu Buhari.
The senate stated that the reckless spending of the overdraft collected from the CBN under Godwin Emefiele largely accounted for the food and security crises the country was currently facing.
In his remark Senator Ali Ndume, representing Borno South Senatorial District, insisted that the Senate had acted illegally by allowing funds drawn from the Central Bank of Nigeria, and already spent to be brought to the parliament for approval, claiming he was not in the house for the approval of the borrowed fund.
The Senate President, Godswill Akpabio, however, insisted that details be provided, noting that the 10th Senate would not be a rubber stamp for anyone.
Meanwhile, Former governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, through his legal team, has threatened to sue the President of the Nigerian Senate, Godswill Akpabio over alleged defamation.
According to his solicitors Emefiele would demand twenty five billion naira in damages from the Senate President if he fails to apologize.
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