The House of Representatives, on Tuesday, partly approved of the requests made by the President Muhammadu Buhari on Ways and Means Advances from the Central Bank of Nigeria.
While the House approved restructuring of N1tn WMAs, the lawmakers dropped the request for N22,719,703,774,306.90 from the CBN.
This was based on the recommendation by the Joint Committees on Finance; Banking and Currency; and Aids, Loans and Debts Management laid, considered and adopted by the House in plenary.
The Deputy Chairman of the House Committee on Finance, Musa Abdullahi, laid the report. The report partly read that based on the observations and the exigencies of the Federal Government current fiscal situation, the committees recommend that:
- 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 only.
