Buhari’s Request To Approve N23.7trn Put on Hold By Senate

The has suspended President Mohammadu’s plea to approve N23.7 trillion spent without the approval of the national assembly.
Buhari's Request To Approve N23.7trn Put on Hold By Senate
The decision was taken after a rowdy session on Wednesday by lawmakers who opposed the request and described it as unconstitutional.

In a letter to the last week, President Muhammadu Buhari requested the lawmakers’ approval of the N23.7 trillion Ways and Means advances.

The Ways and Means are advances (or funds) from the Central Bank of Nigeria (CBN) to the federal government for emergency funding of delayed receipt of fiscal deficit.

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The amount, according to the president, has been a funding option for the federal government to provide emergency or short-term financing to pay for a delayed government cash receipt expected to cover a physical deficit.

Buhari stated in the letter that the Ways and Means balances were 22.7 trillion as of December 19, 2022. “I have given my approval for the ways and means balances to be securitized under the following conditions: N23.7 trillion; 40 years; three years’ moratorium on principal repayment.”

TalkGlitz reported how the chamber was thrown into a chaotic session for minutes during the consideration of the report which was presented by the chairman of the Committee on Finance, Adeola Olamilekan.

Many lawmakers who opposed the president’s request either said it was against the laws or wondered why the National Assembly was not notified when the amount was taken from the apex bank.

The chaos in the chamber prompted the President, Ahmad Lawan, to call for a closed-door session which lasted over 30 minutes.

When the meeting resumed, Mr Adeola modified the report’s suggestions.

He suggested that the N22.7 trillion of the Ways and Means advances be postponed in order to allow for additional legislative action and to give the panel the necessary materials.

He also recommended that N819.5 billion be excised from the additional Ways and Means advances of N1 trillion to fund the supplementary budget passed earlier.

These recommendations were adopted by the lawmakers.

Mr Lawan, thereafter, announced that a special committee would be formed to contact the necessary MDAs and request information about the president’s request.

The committee will be chaired by the Leader, Ibrahim Gobir. The special committee will also be made up of members of the finance, appropriations, foreign and local debts, and banking committees.

The panel must submit its report by January 17.

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