The Senate is set to probe how the N30tn Ways and Means loans of the Central Bank of Nigeria (CBN) was obtained and spent by President Muhammadu Buhari’s administration.

The senate has claimed that the spending of the overdraft received from the CBN under Godwin Emefiele, is responsible for the food and security crises Nigeria is currently facing.

The Upper Chamber then resolved to set up an ad hoc committee to investigate what the N30tn overdraft was spent on by the immediate past government, noting that the details of the spending were deliberately not made available to the National Assembly.

The ad-hoc committee which will be constituted on Wednesday (today) will also probe the N10tn expended on the Anchor Borrowers Scheme, the $2.4bn forex transaction out of the $7bn obligation made for that purpose as well as other intervention programmes.

The development came as biting food crisis, rising inflation, naira depreciation and worsening insecurity continue to take tolls on Nigerians.

President Bola Tinubu and his economic team have come under intense criticism after his last year’s fuel subsidy removal and exchange unification policy unleashed harsh economic conditions on citizens.