A change to the Central Bank of Nigeria Act that raises the maximum on Ways and Means advances from the top bank from 5 to 15% has been passed by the House of Representatives.
During today’s emergency session, the House approved it.
Earlier on Saturday, during an extraordinary session, the Senate increased the percentage.
The Ways and Means Advances available to the Federal Government from the CBN has received approval from the Senate for an upward revision.
The MPs claim that the approval of the ways and means by the National Assembly and advances to the Federal Government by the Central Bank of Nigeria will allow the Federal Government to satisfy its current and future commitments.
The House had already adopted the measure on Thursday, which aims to prolong the implementation of the 2022 supplemental budget by six months, from June to December 2023.
A requirement for legislation to get the President’s assent was that the House concur with the Senate.
The House suspended its applicable rules to authorise the votes and actions for the visit after passing the upward review of the WMA ceiling, a procedure that typically occurs at the following adjourned date.
The expedited procedure suggested that Bola Tinubu, the president-elect, may take office on Monday when Major General Muhammadu Buhari (ret.), the outgoing president, signs the laws into law.
The House meets until Thursday while the Senate meets on Tuesday and Wednesday, according to The PUNCH.
Later, more specifics…
