On Thursday, the House of Representatives approved Ways and Means Advances totaling N23,719,703,774,306.90 that the Federal Government had secured from the Central Bank of Nigeria.
"The National Assembly had been asked to sanction domestic borrowing from the CBN since December 2022 by the President, Major General Muhammadu Buhari (retired), but the lawmakers had given up on the proposal in January 2023." Source stated.
According to PUNCH, "The Senate's support of the president's proposal sparked outrage, notably from the corporate sector, and the House's approval came around 24 hours later."
Three weeks before the Buhari-led government's conclusion, the clearances are being given.
The Joint House Committee on Finance, Banking and Currency, Aids, Loans, and Debt Management unveiled its final report on Thursday.
PUNCH reported that, "The committee advised the House to approve the requested additional N1 trillion Ways and Means Advances for the implementation of the 2022 Supplementary Appropriations Act as passed by the National Assembly" and "approve the securitization of the total outstanding Ways and Means amount under the following terms: Amount N23,719,703,774,306.90; tenor, 40 years; moratorium on principal repayment, 3 years; pricing/interest rate, 9% per annum."
"Buhari sent a request for approval of a N23.7 trillion reorganization of the Ways and Means Advances to the National Assembly in December 2022." According to the source.
PUNCH further reported, On December 21, "Buhari's appeal was read aloud to the members of each chamber by the presidents of the Senate and the House of Representatives, Ahmad Lawan and Femi Gbajabiamila, respectively."
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