The Senate on Wednesday, backed down on its initial refusal and approved the N22.7 trillion that was spent by the executive without the approval of the National Assembly, saying that the expenditure saved the country from collapse.
 
The N22.7 trillion was money borrowed by the Federal Government from the CBN through the “Ways and Means Advances”.
 
The Senate approval was based on the consideration of the report of the Adhoc Committee chaired by the Senate Leader, Ibrahim Gobir.
 
President Muhammadu Buhari had last December asked the Senate to approve the amount but some senators, most of the opposition, kicked against it.
 

Findings of the Ad-hoc Committee said that the Ways and Means Balance was initially N19.3 trillion, as of June 20, 2022, but later grew to N22.7 trillion as of December 19, 2022.