Examining Thirty Trillion: Why Buhari’s Actions Demand Investigation, Dele Sobowale Explains

The law says that the government can only borrow a certain amount of money from the Central Bank of Nigeria, CBN. This amount should not be more than five percent of how much money the government made the year before. But, in the past eight years, under Buhari’s government, they borrowed a huge amount, around N30 trillion, using a method called Ways and Means, or W&M. This borrowing was like a planned attack on the economy, especially because it was done without telling the National Assembly, which is against the law.

Even worse, there’s no clear record of where all this money went. The law says there should be records of how the money is spent and who got it, but there’s no such information. Buhari seems unapologetic about this, even claiming transparency and accountability at a recent event. However, the National Assembly only knew about N23.7 trillion of the money borrowed in a letter from Buhari in January 2023.

We now know this misuse of funds started in 2017 when the government borrowed N1.1 trillion through W&M, which was way more than the allowed five percent of the previous year’s revenue. This information was kept secret from the National Assembly and the Nigerian people by the government, CBN, and Ministry of Finance.

It’s shocking that a former President could stand in front of people and claim transparency when there was so much hidden from the public. This misuse of funds means that not just this generation but also the next will have to pay for these stolen funds without even knowing why.

The situation gets even worse when we look at the numbers. Every year, the government was borrowing more and more, way beyond the legal limit. This isn’t just a mistake or a one-time thing; it’s a pattern of breaking the law by the government.

Tinubu, a key figure, hasn’t said what his government plans to do about this huge problem. Despite being one of the people who helped Buhari become President, he can’t ignore the fact that this misuse of funds happened under their watch. It’s time for action, not just words.

To fix this, Tinubu’s government needs to declare an economic emergency and track down where this N30 trillion went. Those responsible, including Buhari, should be held accountable. Court orders should be used to seize their assets until they pay back what they took from the country’s treasury. Sitting back while Nigerians suffer because of this massive misuse of funds would be a great injustice.

Buhari’s actions, or lack thereof, show a disregard for the entire country. His last-minute letter to the National Assembly asking to convert the spent money into a long-term loan without any details is a clear example of his disregard for the law and the people.

Looking at the CBN Governor, Emefiele, it’s puzzling how he could go along with this scheme. As one of the key figures, he can’t claim ignorance of the law. This raises questions: Was he blackmailed or threatened to be part of this massive scam?

The truth needs to come out, and it’s up to leaders like Tinubu to lead the way. Nigerians deserve to know what happened to N30 trillion of their money. We can’t rely on false narratives or silence. It’s time to write the true history of Buhari’s misrule, and everyone involved must be held accountable. Let’s work together to uncover the facts.