Reps. Faces Showdown as Speaker Femi Accused of Unfair Distribution of $15 Million Executive Fund
The Speaker of the House of Representatives, Femi Gbajabiamila, is facing a potential showdown with fellow lawmakers over allegations of unfair distribution of a $15 million fund provided by the executive arm of government. Members of the House have accused Gbajabiamila of colluding with the executive to secure approval for a N22.7 trillion borrowing from the Central Bank of Nigeria (CBN) but keeping a significant portion of the fund for himself instead of sharing it with his colleagues.
Reps in Emergency Session Amend CBN Act, Increasing FG's CBN Borrowings from 5 to 15 Percent
According to Vangaurd News report, in an emergency session, the Nigerian House of Representatives has passed an amendment to the Central Bank of Nigeria (CBN) Act, granting the federal government the legal authority to request up to 15 percent Ways and Means loans from the CBN.