The Central Bank of Nigeria Act has been amended, with the approval of the House of Representatives, to increase the maximum amount of Ways and Means advances from the top bank from 5 to 15%.
The consent was given by the House during a current emergency session.
At an extraordinary session earlier on Saturday, the Senate increased the percentage.
The Ways and Means Advances available to the Federal Government from the CBN has been cleared for an upward review by the Senate.
The National Assembly’s acceptance of the methods and means and the Central Bank of Nigeria’s loans to the Federal Government, in accordance with the legislators, would allow the Federal Government to fulfil its current and future commitments.
Another piece of legislation, which the House had already adopted on Thursday, proposes to prolong the implementation of the 2022 supplemental budget by six months, from June to December 2023.
For legislation to get the President’s approval, the House had to concur with the Senate.
The House suspended its applicable norms after approving the upward review of the WMA ceiling in order to approve the votes and processes for the visit. Normally, this is done at the following adjourned day.
The expedited procedure suggested that the departing president, Major General Muhammadu Buhari (ret. ), would sign the legislation into law prior to ceding authority to the incoming president, Bola Tinubu, on Monday.
The PUNCH notes that the House meets until Thursday while the Senate meets on Tuesday and Wednesday.
Later, more information
