The Senate of the Federal Republic of Nigeria held an emergency plenary on Saturday, presided over by Senate President Dr Ahmad Ibrahim Lawan.
The plenary voted to amend the Central Bank of Nigeria Act, increasing advances from 5% to 15%.
Senator Gobir Ibrahim Abdullahi of the Sokoto East Senatorial District, who sponsored the bill, stated that the bill to amend the CBN Act was first read on Wednesday, May 24, 2023.
He explained that the Ways and Means request should be increased from 5% to 15% in order for the Federal Government to meet its financial obligations.
Senator Abdullahi stated, “The Bill seeks to amend the Central Bank of Nigeria, CBN, Act to increase the total CBN advances to the Federal Government from 5% to a maximum of 15%.”
“On Wednesday, May 24, 2023, the Bill was read for the first time in this Chamber.”
“The essence of this Bill, my respected colleagues, is to enable the Federal Government to meet its immediate and future obligations through National Assembly approval of ways and means and Central Bank of Nigeria advances to the Federal Government.”
The Senate leader urged Senators to support the bill, stating that it is for important projects that will inflate and restructure the economy.
Senators who spoke on the floor agreed with his submission, citing the FG’s enormous responsibilities as the reason for their support.
Senate President Dr. Ahmad Ibrahim Lawan thanked lawmakers for their patience and signed the bill into law.