Supplementary Act: Reps approve restructuring of N1trn Ways and Means advances

adminFebruary 1, 20233 min

Approval of the requested restructuring of the N1 trillion in Ways and Means advances is for the implementation of the 2022 Supplementary Appropriation Act. Lawmakers to further engage with the executive by the Joint Committee to allow for a thorough and detailed work 

 

 

 

READ ALSO: Senate pass N819.54bn 2022 Supplementary Budget

 

Ways and Means

The House has approved one trillion naira in Ways and Means advances for implementation of the 2022 Supplementary Appropriation Act as passed by the parliament.

The parliament, however, said it would further engage with the Executive to allow for detailed and thorough work and submissions on the larger part of the advances, which amounts to N22.7 trillion.

This approval follows the consideration and adoption of a report by the Joint Committees on Finance, Banking and Currency and Aids, Loans and Debts Management through the Committee of Supply.

 

READ ALSO: Ways and Means: Senate blames CBN Governor, Finance Minister over delay in approval

 

 

Presenting the report, the report, Rep. Abdullahi Saidu (APC, Niger), Deputy Chairman of the Finance Committee, said the recommendations were based on observations and the exigencies of the federal government’s current fiscal situation.

“Based on the observations and the exigencies of the federal government’s current fiscal situation, the committees recommend the following:

The approval of the requested restructuring of the N1 trillion additional Ways and Means advances for implementation of the 2022 Supplementary Appropriations Act as passed by the National Assembly. Further engagement with the executive by the Joint Committee to allow for a thorough and detailed work and submissions on the larger part of the Advances, which amounts to N22,719, 703,774,306.90.”

 

 

READ ALSO: Buhari writes Senate, seeks restructure of N23.7trn Ways and Means Advances

 

 

Meanwhile, Rep. Chinyere Igwe (APC, Rivers) raised a point of order that only one person signed the report but said the onus was on the presiding officer to use his discretion to pass it.

However, Speaker Femi Gbajabiamila, who presided over the Committee of Supply, said the full report would be considered later as the one considered is for the 2022 Supplementary Budget and moved on.

NOTE:

Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls.

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