…Defers decision on N22.7tr extra-budgetary spending
The House of Representatives has approved the request by President Muhammadu Buhari to secure an additional N1 trillion loan from the Central Bank of Nigeria, (CBN).
The loan will be used to fund the 2022 supplementary Budget.
The lawmakers approved the request yesterday, following the consideration and adoption of the Committees on Finance, Banking and currency, and Aids, Loans and Debt management.
The House, however, deferred the request to securitise the N22.7 trillion Ways and Means loans, pending “further engagement with the executive by the joint committee, to allow for a thorough and detailed work and submissions”.
Speaker of the House, Femi Gbajabiamila, said the N22.7 trillion request would be considered after the lawmakers resume from recess.
Recall that in 2022, the President had written to the National Assembly, seeking approval for the Ways and Means advances.
In the letter, Buhari had said, “The Ways and Means advances by the Central Bank of Nigeria to the Federal Government has been a funding option to Government to cater for short-term or emergency finance to fund delayed Government expected cash receipts of physical deficit”.
The Ways and Means balances as at 19th December, 2022 is N22.7 trillion.
The Senate had suspended approving the request after some lawmakers protested against it.
