In a recent development, some aggrieved members of the House of Representatives have leveled accusations against Speaker Femi Gbajabiamila, claiming that he diverted a purported $30,000 bribe from the President Muhammadu Buhari-led government. The bribe was allegedly intended to secure the approval of a massive N22.7 trillion loan. These allegations have sparked controversy within the National Assembly, raising concerns about the integrity of the approval process for such a significant loan.
The National Assembly approved the N22.7 trillion loan from the Central Bank of Nigeria under the Ways and Means provision in early May. This loan approval contributed to Nigeria’s escalating external debt, which has now reached N68.95 trillion. The country’s total public debt stock also rose to N46.25 trillion in the fourth quarter of 2022, as disclosed by the Debt Management Office. These figures underscore the growing financial challenges faced by Nigeria.
The Ways and Means provision allows the government to borrow from the central bank to address short-term or emergency financial needs resulting from fiscal deficits. With a significant shortfall in revenue, the Buhari-led government has increasingly relied on the central bank to fund its expenditure programs. As of December 19, 2022, the outstanding balance under the Ways and Means provision stood at N22.7 trillion.
Initially, President Buhari requested the approval of both chambers of the National Assembly to secure the loan. However, the Red Chamber rejected the request due to a lack of details, and the proposal was not listed for consideration during plenary in January. Surprisingly, less than 26 days before the end of the government’s tenure, the loan was approved, leaving many observers perplexed.
According to a statement by an outgoing House of Representatives member, the National Assembly leadership was allegedly given $15 million to expedite the loan’s passage. It was agreed that each member of the House would receive $30,000, while their counterparts in the Senate would receive $50,000. However, Speaker Gbajabiamila reportedly held onto the funds allocated to the lower chamber members, particularly those from opposition parties. This disparity in distribution has led to discontent among affected lawmakers, intensifying their criticism of Gbajabiamila.
Responding to these allegations, Speaker Gbajabiamila has remained silent for over three weeks, further fueling the controversy surrounding the matter. Some House of Representatives members, including those from the opposition Peoples Democratic Party, have expressed their dissatisfaction with Gbajabiamila’s actions, vowing to pursue the issue even after the end of the 9th assembly.
It is important to note that this is not the first time such accusations have been made against the House leadership. In 2020, they were accused of accepting a $10 million bribe to expedite the passage of the Control of Infectious Diseases Bill. The Speaker denied the allegation at the time and established a committee to investigate the matter. This recent controversy adds to the concerns about transparency and ethical conduct within the National Assembly.
Lastly, amidst these allegations, it is worth mentioning that the lawmakers also approved another $800 million loan from the World Bank less than three weeks before the end of the Buhari-led government. The President stated that the funds would support vulnerable Nigerians affected by the planned removal of the petrol subsidy. However, this decision has prompted criticism from citizens, who question the timing and necessity of acquiring additional loans so close to the end of the administration.