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Senate To Probe Buhari Govt, Emefiele Over N30tn CBN Loans

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Senate To Probe Buhari Govt, Emefiele Over N30tn CBN Loans....KINDLY READ THE FULL STORY HERE▶

The Senate on Tuesday resolved to probe how the N30tn Ways and Means loans of the Central Bank of Nigeria (CBN) were obtained and spent by the administration of former President Muhammadu Buhari………CONTINUE READING

Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls.

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.

The red 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.

Tinubu’s cabinet members have continued to argue that the current crises were exacerbated by the gross mismanagement of the Buhari regime, arguing the current reforms were meant to right the wrongs of the past administration.

The latest move by the Senate is expected to unravel the ways the country and its resources were allegedly mismanaged by the Buhari administration.

Buhari had in a letter to the National Assembly in January 2023 requested that the N22.7trn Ways and Means loan should be converted to a 40-year bond with a moratorium of three years.

He also requested approval to borrow an additional N1trn to fund the N819.5 billion 2022 supplementary budget which the lawmakers approved last December.

Following the request, the House of Representatives on May 4, 2023, approved the conversion of the N23.7trn loan to a long-term bond for 40 years at the rate of nine per cent per annum.

The bond has a moratorium of three years.

The lower chamber approved the consideration of the report presented by the House Committees on Finance, Banking and Currency, and Aids, Loans, and Debt Management.

But the 9th Senate was thrown into a chaotic session after some lawmakers opposed Buhari’s request to approve the CBN loan as they demanded the details of his proposal.

The Chairman of the Senate Committee on Finance, Adeola Olamilekan, attempted to present the report of the president’s request when Rivers senator, Betty Apiafi, raised a Point of Order and said the president’s request was not constitutional.

She was, however, ruled out of order by the then Senate President, Ahmad Lawan, who asked that Olamilekan present the report before contributions are made.

Citing relevant laws from the Constitution, the CBN Act, and the Senate Standing Rules, Rivers senator, George Sekibo, argued that the request was not in line with the Constitution.

‘’It will be a disservice that we have spent that money on behalf of Nigerians. It will be an abuse of our personal sense and against our privileges if we approve this request without details of the expenditure,’’ he insisted.

Many lawmakers who opposed the president’s request either said it was against the laws or wondered why the National Assembly was not notified when the amount was taken from the Central Bank.

Senate’s New Probe

However, the Senate’s resolutions on Tuesday followed the consideration of the report of its Joint Committee on Banking, Insurance and Other Financial Institutions, Finance, National Planning, Agriculture, and Appropriation on the State of the Economy after interactive sessions held with the Federal Government economic management team.

But the consideration of the report during the plenary was stormy with accusations and counter-accusations by Senators on how the N22.7tn Ways and Means was passed by the 9th Senate in May 2023.

The lawmakers were also miffed by the passage of N7.2tn on December 30, 2023, by the 10th Senate.

Specifically, the Whip of the Senate, Senator Ali Ndume (APC Borno South), in his contribution blamed the Senate for approving the request without details from former President Buhari.

Ndume said, “When the N22.7trn Ways and Means approval request was brought before the 9th Senate, I insisted that details of spending made with it should be provided before approval but the Senate then went ahead and approved it.”

However, the Deputy Senate President, Jibrin Barau, countered that the decision taken then was a collective one with the caveat that the executive should provide details later, which was however not provided.

In his defense, the former Senate President, Lawan, claimed that the Ways and Means were in the past and urged the Senate to focus on the present.

Lawan said, “All of that is in the past, we must focus on the present which is the fact that people are hungry and they are crying. That’s what we should focus on.”

Conclusion

The Senate probe panel is expected to begin to summon some key members of the previous administration’s cabinet members.

The People’s Democratic Party has urged the National Assembly to follow through with the proposed probe and investigate Buhari’s administration.

Meanwhile, attempts to get comments from the former Minister of Information and Culture, Mr L

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“The Great Betrayal: Fayose Exposes Makinde’s Shocking Plot To Kidnap Tinubu”.

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Former Ekiti State Governor, Ayo Fayose, has accused Oyo State Governor, Seyi Makinde, of potentially orchestrating the recent abduction of students and teachers in Oriire Local Government Area to blackmail President Bola Tinubu. During a Monday interview on Channels Television, Fayose expressed suspicion regarding the timing of the incident and the Governor’s delayed response, suggesting a parallel to the insecurity-related political pressure previously faced by former President Goodluck Jonathan. Fayose noted that while he had previously commended President Tinubu’s management of inherited national challenges, he believes this specific incident was maneuvered to discredit the current administration.....KINDLY READ THE FULL STORY HERE▶

In a recent interview on Channels Television, former Governor Ayo Fayose alleged that the Oyo State government, led by Governor Seyi Makinde, may have been involved in the kidnapping of 46 pupils and teachers from Ahoro-Esiele and Yawota communities on May 15. Fayose argued that the Governor’s lack of immediate action following the abduction—prioritizing political nominations over visiting the affected families—raised significant red flags. According to Fayose, the incident appears to be a calculated effort to blackmail President Tinubu, mirroring past tactics used to destabilize previous administrations.

Option 3: Condensed Summary Ayo Fayose, the former Governor of Ekiti State, has leveled serious allegations against Oyo State Governor Seyi Makinde, claiming that the recent mass kidnapping in Oriire local government was likely an “orchestrated” event designed to blackmail President Bola Tinubu. Citing the suspicious timing and Governor Makinde’s delayed public response to the crisis, Fayose suggested on Channels Television that the abduction serves a political agenda intended to undermine the President’s administration.

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“Mambilla Corruption Trial Intensifies: EFCC Unveils Fifth Witness In $6 Billion Case”.

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The Economic and Financial Crimes Commission (EFCC) has introduced its fifth witness in the trial of former Minister of Power, Olu Agunloye, regarding the $6 billion Mambilla Power Project. Agunloye is appearing before Justice Jude Onwuegbuzie at the Federal Capital Territory High Court in Abuja to face a seven-count charge related to alleged contract fraud and official corruption. During the proceedings on June 1, 2026, the prosecution called Iliya John Iyakwari, an Assistant Director of Legal in the Federal Ministry of Justice currently serving as an Assistant Legal Adviser in the Ministry of Power. Iyakwari testified that he certified an extract of the Federal Executive Council (FEC) meeting minutes from May 21, 2003, at the request of the EFCC. He detailed the administrative process of fulfilling the agency’s request, confirming that he verified the documents—marked as Exhibits EFCC 3J and 3K—before sending them to the commission. The court has adjourned the case until June 8, 2026, for the cross-examination of the witness.....KINDLY READ THE FULL STORY HERE▶

As the trial of former Power Minister Olu Agunloye continues, the EFCC has presented its fifth prosecution witness to testify regarding the $6 billion Mambilla Power Project contract. The trial, overseen by Justice Jude Onwuegbuzie in Abuja, focuses on allegations of fraudulent contract awards to Sunrise Power Transmission Company Limited. On Monday, June 1, 2026, witness Iliya John Iyakwari, an Assistant Legal Adviser in the Ministry of Power, explained how he processed the EFCC’s 2023 request for an extract of 2003 FEC meeting minutes. Iyakwari confirmed the authenticity of the certified documents provided to the anti-graft agency. Following this testimony, the judge postponed the trial to June 8, 2026, to allow for the cross-examination of Iyakwari.

Option 3: Concise Summary

The $6 billion Mambilla Power Project trial involving former Minister Olu Agunloye saw the EFCC present its fifth witness, Iliya John Iyakwari, on June 1, 2026. Iyakwari, an Assistant Legal Adviser in the Ministry of Power, provided testimony regarding the certification of FEC meeting minutes requested by the EFCC as part of the evidence for the seven-count corruption case. After identifying the relevant exhibits in court, the witness testimony concluded for the day, and Justice Jude Onwuegbuzie adjourned the trial until June 8, 2026, for cross-examination.

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“Atiku Hits Back: Former VP Demands Proof Amidst Babachir Lawal’s Rigging Claims”.

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Atiku Abubakar, the presidential candidate for the African Democratic Congress (ADC), has formally responded to claims made by Babachir Lawal, the former Secretary to the Government of the Federation. Upon resigning from the party, Lawal alleged that Atiku exerted undue influence over the ADC’s national presidential primary election, questioning the integrity and fairness of the process. In a rebuttal issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku dismissed these accusations as baseless. The statement emphasized that the primary results accurately represented the will of party members nationwide and accused Lawal of damaging the party’s reputation without providing any supporting evidence, documents, or credible witnesses.....KINDLY READ THE FULL STORY HERE▶

Former Vice President Atiku Abubakar has fired back at ex-SGF Babachir Lawal following accusations of rigging in the ADC presidential primaries. Lawal, who recently resigned from the party, claimed that Atiku manipulated the selection process to secure a favorable outcome. Responding on Atiku’s behalf, Phrank Shaibu rejected the claims as mere speculation. The former Vice President’s camp challenged Lawal to provide tangible proof, noting that the primary election took place across thousands of wards with a clear, decisive result. They further asserted that Lawal’s failure to produce documents or witnesses highlights the unsubstantiated nature of his sensational allegations.

Atiku Abubakar has refuted allegations of electoral manipulation leveled against him by former SGF Babachir Lawal regarding the ADC presidential primaries. Following Lawal’s resignation and public criticism of the party’s primary process, Atiku’s spokesperson, Phrank Shaibu, condemned the remarks as damaging and evidence-free. The campaign reiterated that the primary outcome was legitimate, reflecting the collective decision of party members across the country, and dismissed Lawal’s claims as an attempt to spread misinformation without supporting facts.

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