Specific Legislative Actions

• Strat.1
  "The Senate has strengthened its oversight function through the activities of its standing, ad hoc, and special committees, which scrutinize government revenues and expenditures. Through budget defence sessions, oversight visits, investigative hearings, and public inquiries, these committees have enhanced accountability and transparency in public administration. As part of its oversight responsibilities, the Senate Committee on Public Account conducted investigations to address financial mismanagement and revenue leakages across government institutions. A notable example is the ongoing investigation into over ₦210 trillion in alleged discrepancies identified in the audited accounts of the Nigerian National Petroleum Company Limited (NNPCL) covering the period 2017–2023 ((https://punchng.com/senate-orders-ex-nnpcl-boss-kyaris-arrest-over-n210tn-unaccounted-funds/). Similarly, in 2024, the Senate established an Ad Hoc Committee to investigate over ₦30 trillion in Ways and Means Advances granted by the Central Bank of Nigeria (CBN) between 2015 and 2023. The investigation focused on the utilization of the funds, intervention programmes, and compliance with public finance and debt management regulations, with the aim of strengthening fiscal accountability and transparency (https://www.premiumtimesng.com/news/headlines/776885-n30trn-ways-and-means-senate-acuses-cbn-of-frustrating-investigation.html). In addition, the Senate is currently legislating on some bills which when pass will help tackle corruption. These bills include: Virtual Asset Service Providers Regulation Bill (SB 956): Seeks to establish a comprehensive regulatory framework for digital assets and cryptocurrencies to curb fraud, combat money laundering, and protect Nigeria's digital economy. "