…Says FG will otherwise pay N1.8tr in interest
President Muhammadu Buhari has again urged the National Assembly to reconsider his proposal to securitise the Federal Governments outstanding ‘Ways and Means’ balance at the Central Bank of Nigeria, (CBN).
Buhari, who made appeal while signing the 2023 Budget yesterday, warned that failure to grant the securitisation approval would cost the Government about N1.8trillion in additional interest in 2023 and a 40-year repayment period on the securitised debt.
The Presidents appeal comes barely one week after the Senate rejected his request to restructure the N22.7trillion ‘Ways and Means’ advances.
Recall that last week, the Upper Chamber suspended the request of Buhari after a rowdy session. Senators Betty Apiafi and Thompson Sekibo had argued that the request was unconstitutional. They also demanded that before the Upper legislative chamber could approve the request, the Senate must have the details of what the funds were spent on.
Buhari signed the N21.83trillon 2023 transition Budget at the Council Chambers of the Presidential Villa, Abuja, in the presence of Vice-President Yemi Osinbajo, Senate President Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila and other members of the Federal Executive Council.
While urging the Legislature to reconsider its position on his proposal, Buhari made it clear that he had no intention to circumvent the NASS powers to interrogate the process. He thanked the National Assembly for approving his request for an extension of its validity date to March 31, 2023.
The President also directed the Ministry of Finance, Budget and National Planning to work towards early release of the 2023 capital votes, to enable ministries, departments and agencies, (MDAs) commence the implementation of their capital projects in good time to support efforts to deliver key projects and public services as well as improve the living conditions of Nigerians.
