February 01, (THEWILL) – The House of Representatives on Tuesday, approved the request by President Muhammadu Buhari to secure an additional N1 trillion from the Central Bank of Nigeria (CBN).
The loan, according to President Buhari, will be used to fund the 2022 supplementary budget.
The approval followed consideration and adoption of reports of the House committees on Finance, Banking and Currency, and Aids, Loans and Debts Management.
However, the lawmakers deferred a request by the President to securitise the N22.7 trillion in ‘Ways and Means’ loans, pending “further engagement with the executive by the joint committee to allow for a thorough and detailed work and submissions.”
During plenary, House Speaker, Femi Gbajabiamila, said the N22.7 trillion request would be considered after the lawmakers resume from their vacation.
The Senate, in December 2022, suspended the approval of the ways and means request after the president, in a letter, urged the National Assembly to grant his request.
President Buhari had said, “The ways and means advances by the Central Bank of Nigeria to the federal government has been a funding option to the federal government to cater for short term or emergency finance to fund delayed government expected cash receipt of physical deficit.”
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