In quick succession, the House of Representatives on Thursday gave approval to the request by President Muhammadu Buhari Ways and Means N22.7 trillion loan request which authorizes the federal government to borrow money from the Central Bank of Nigeria (CBN).
Recall that the Senate approved the request on Wednesday, according to the Nigerian news agency.
In case you missed it, President Buhari submitted the request in a letter to the two chambers of the national assembly in December of last year, but it wasn't considered or approved until now because both Houses' members are on recess in preparation for the 2023 elections.
The Apex Bank can lend money to the government under the Ways and Means clause in order to cover financial emergencies.
The Federal Government had promised to pay back the loan, which had a balance of N22.7 trillion as of December 2022, by the issuing of assets including treasury bills and bonds.
In the name of the chairman of the finance committee, Hon. James Falake, three committees representing finance, banking and currency, loans, and aid management delivered a report to the committee.
"That the House take into consideration the Report of the Finance, Banking, and Currency Committees and
Approve the recommendations in Aids, Loans and Debt Management on the Restructuring of Ways and Means Advances (Laid: 2/5/2023), as well as the additional N1 trillion in Ways and Means advances that have been requested in order to carry out the National Assembly's 2022 Supplementary Appropriation Act.
The House's ad hoc committees looking into the state of refineries and the amount of petroleum utilized daily also laid their report for consideration in a related resolution.
"Ad-hoc Committee on the Volume of Fuel Consumed Daily in the Country: That the House do receive the Report of the Ad-hoc Committee on the Volume of Fuel Consumed Daily in the Country osn the Need to Ascertain the Actual Daily Consumption of Premium Motor Spirit (PMS) in Nigeria (HR. 21/01/2022)," the ad hoc committees, respectively chaired by Hon. Abdulkadir Abdullahi and Hon. Ganiyu Johnson, said.
"Ad hoc Committee on the State of Refineries in the Country: That the House do receive the Report of the Ad hoc Committee on the State of Refineries to ascertain the actual Cost of Rehabilitating the Nigerian Refineries," the resolution reads.
However, the clerk was instructed by the plenary session's Deputy Speaker, Hon. Idris Wase, to make copies of the reports available for consideration on Tuesday.
He stated that the committees' conclusions and suggestions will be crucial in assisting the incoming administration in making decisions.
He asked the clerk to see to it that all members had copies of the reports by Tuesday since they were crucial and would assist the departing and incoming governments in making decisions.
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