ABUJA, Nigeria – In a significant move, the House of Representatives approved President Muhammadu Buhari’s N22.7 trillion loan request on Thursday, May 4, 2023, allowing the federal government to borrow from the Central Bank of Nigeria, CBN, under the Ways and Means provision.
This development comes on the heels of the Senate’s approval on Wednesday, May 3, 2023.
The President initially made the loan request in a letter to both chambers of the national assembly in December last year. However, the request’s consideration and approval were delayed as members of both Houses shut down for the 2023 elections.
The Ways and Means provision permits the government to borrow from the CBN to address financial emergencies.
As of December 2022, the Federal Government stated it would repay the N22.7 trillion loan using securities such as treasury bills and bond issuances.
At the Committee, Hon. James Falake, chairman of the committee on finance, presented the report on behalf of three committees – finance, banking and currency, and loans and aid management.
The House approved the requested additional N1 trillion Ways and Means advances for implementing the 2022 Supplementary Appropriation Act as passed by the National Assembly.
Simultaneously, the House adhoc committees responsible for investigating the volume of daily fuel consumption and the state of refineries also submitted their reports for consideration. The adhoc committees, chaired by Hon. Abdulkadir Abdullahi and Hon. Ganiyu Johnson, shared their findings with the House.
Presiding over the plenary session, Deputy Speaker Hon. Idris Wase instructed the clerk to make copies of the reports available for consideration on Tuesday. He emphasized the importance of these findings and recommendations for helping both the outgoing and incoming governments make informed decisions.
“Clerk, please ensure all members get copies of these reports before Tuesday, because they are important and will help in decision making for the outgoing and incoming Government,” said Hon. Idris Wase.
