The House of Representatives has approved the request by President Muhammadu Buhari to secure an additional N1 trillion loan from the Central Bank of Nigeria (CBN) to fund the 2022 supplementary budget.
The CBN has already violated its enabling law by loaning the federal government more than the approved sum, a PREMIUM TIMES reported. This did not, however, deter the lawmakers from approving the fresh loan from the central bank.
Also, the House suspended the request to securitize the N22.7 trillion Ways and Means loans pending more details from the Executive.
On Tuesday, the House Committees on Finance, Banking and Currency, and Aids, Loans and Debts Management jointly presented a report recommending the approval of the restructuring of N1 trillion additional Ways and Means advances for implementation of the 2022 Supplementary Appropriations Act as passed by the National Assembly.
Also, the committees recommended further engagement with the Executive to allow for thorough…
