Monday, 29 May 2023 04:21

Reps concur with Senate, amend law to enable FG borrow more from CBN

Rate this item
(0 votes)

House of Representatives has passed the amendment to the 2022 supplementary budget to extend its implementation to December 2023.

The house, in an emergency session on Sunday, also passed the bill to amend the CBN act.

Under the CBN act, the ways and means provision allows the government to borrow from the CBN to finance budget shortfalls.

The amendment increases the CBN advances to the federal government from five percent to 15 percent.

The bill, sponsored by Victor Nwokolo, chairman of the house committee on banking and finance, was passed for second reading on Thursday.

During the emergency plenary, the bill was considered by the committee of the whole and passed for third reading without any opposition.

The national assembly can now transmit the two bills to the president for assent.

Earlier in the month, the national assembly approved the request by President Muhammadu Buhari to convert the N23.7 trillion loan to a 40-year bond.

Speaking before adjourning, Femi Gbajabiamila, the speaker, commended the lawmakers for attending the emergency session despite the short notice.

On Saturday, the senate extended the implementation of the 2022 budget to December.

The senate also amended the CBN act to increase its advances to the federal government from five percent to 15 percent.

Gobir Abdullahi, senator representing Sokoto east who sponsored the bill, said it was to enable the federal government to meet its immediate and future obligations.

“Mr President, my respected colleagues, permit me to lead the debate on this bill, which seeks to amend the CBN act to increase the total CBN advances to the federal government from five percent to a maximum of fifteen percent,” Abdullahi had said.

“This amendment is very consequential and it needs the support of us all, it is to enable the federal government to embark on very important projects that will inflate and rejig the economy.”

 

The Cable

April 02, 2025

Nigeria's net FX reserves increased to $23bn in 2024, highest in 3 years

The Central Bank of Nigeria (CBN) has reported that Nigeria's net foreign exchange reserves (NFER)…
April 02, 2025

Natasha outsmarts Kogi govt, Police; ‘drops’ from sky to jubilant crowds

In a spectacular display of defiance, Senator Natasha Akpoti-Uduaghan turned the Kogi State Government and…
March 30, 2025

Does wearing a cap make you go bald? Here’s what dermatologists want you to know about hair loss

Hair loss can be an upsetting and worrisome experience. But with a slew of wellness…
March 30, 2025

Two 'proof of heaven' stories and one 'proof of hell' that had atheist calling out…

Ole Braatelien What happens to our consciousness the moment we die? Christians believe our souls…
April 02, 2025

Ponzi schemes: New law slams 10-year jail term, N40m fine - SEC

Nigeria’s Securities and Exchange Commission (SEC) has finally declared war on Ponzi schemes, with a…
April 02, 2025

What to know after Day 1133 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia says it cannot accept U.S. proposals on Ukraine 'in current form' Russia…
March 28, 2025

Bill Gates: Within 10 years, AI will replace many doctors and teachers—humans won’t be needed…

Tom Huddleston Jr. Over the next decade, advances in artificial intelligence will mean that humans…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.