Reps staged a walkout over approval for CBN to lend more money to government as 2024 budget is amended again Opposition Reps stage walkout over raise of ways and means threshold The emergency session at the House of Representatives called yesterday turned rodwy as some opposition lawmakers staged a walkout from the green chamber over the increment of the controversial Central Bank of Nigeria (CBN) ways and means lending to the Federal Government by 10%....
Despite objection by some lawmakers in the House of Representatives, both the Senate and House okayed a raise to 10% in Ways and Means by the CBN to Federal government The House of Representatives and Senate has both resolved to increase the Central Bank of Nigeria (CBN)’s advances to the Federal Government from five percent to a maximum of ten percent. This was a major outcome of the emergency plenary session held on Wednesday by...
Bamidele also commended the Central Bank of Nigeria (CBN) for settling $7 billion valid foreign exchange backlogs. Senator Opeyemi Bamidele (APC, Ekiti Central) has lauded the Federal Government for restoring stability to the economic and fiscal spaces of the country. This is as he disclosed that the Federal Government has paid back the sum of ₦4.83 trillion out of ₦30 trillion Ways and Means it had loaned from the Central Bank of Nigeria (CBN). The...
The Senate has inaugurated an ad hoc committee to conduct a thorough investigation into the 30trn Ways and Means, in response to mounting concerns over the purported spending by the previous administration. The Ad hoc Committee chaired by Senator Isah Jibrin, (APC, Kogi East) and vice-chaired by Senator Sahabi Ya’u (PDP, Zamfara North) has been tasked with unravelling the mysteries surrounding the alleged spending. The committee is also expected to ensure accountability in the use...
By securitising ways and means, rather than paying back to the CBN, the Federal Government simply places too much money in the capital market, thereby creating the availability of more funds in the economy and fuelling inflation. The 10th National Assembly is set to investigate the Ways and Means approved by the last government as it, on Tuesday, set up an ad hoc committee, chaired by Senator Jibrin Isah (APC, Kogi East), to probe the...
To carry out an effective investigation into the N30trn Ways and Means, the Senate has set up an ad hoc committee to report back in 4 weeks. The Senate is set to commence an investigation into the payment of N30 trillion “Ways and Means” secured from the Central Bank of Nigeria (CBN) by the immediate past government in the last 10 years and has set up an ad hoc committee to carry out a holistic investigation...
The CBN is expected to use the Ways and Means, a kind of loan facility, for financing the federal government’s budget shortfalls. The Senate has resolved to probe how former President Muhammadu Buhari‘s government got and used the N30 trillion Ways and Means loans from the Central Bank of Nigeria (CBN). This is in response to its recommendation that the federal government give priority to liquidating its N30 trillion Ways and Means liability over 40...
Tinubu assured that the interest rate on securitised Ways and Means advances has been trimmed to 9% per annum, compared to +3% on the MPR. The Senate has approved the securitisation of outstanding 7.388trn Ways and Means following President Bola Tinubu’s request. The President said the move is aimed at realising the reduction of debt service cost and to extend the repayment period of the existing loans. This was disclosed in a letter read by...
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