Thursday, October 12, 2023

Again Reps Approve Buhari’s Request to Borrow N1 trillion

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Abdullahi Abubakar
Abdullahi Abubakarhttps://newsbrief.ng
Abdullahi Abubakar is a writer and passionate about journalism; his writings focus on current affairs and politics. He holds a bachelor's degree in Sociology and Anthropology from the University of Maiduguri. AFP and Reuters trained him in digital news sourcing and content creation. He also got trained in investigative journalism. Contact: abdullahi.abubakar@newsbrief.ng | 07063078745.

Abuja – Nigeria’s House of Representatives has again approved the request by President Muhammadu Buhari to borrow an additional N1 trillion loan from the Central Bank of Nigeria (CBN).

To money was to fund the 2022 supplementary budget, however, the CBN has already violated its law by giving the federal government more than the approved sum.

Again Reps Approve Buhari’s Request to Borrow N1 trillion
Again Reps Approve Buhari’s Request to Borrow N1 trillion | The Nation, Source: UGC

Meanwhile, despite the situation, this did not prevent the lawmakers from approving the fresh loan from the central bank.

Premium Times reported that the House suspended the request to securitize the N22.7 trillion Ways and Means loans pending more details from the Executive.

The House Committees on Finance, Banking and Currency, and Aids, Loans and Debts Management on Tuesday 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.

Reps Committee Recommendation

The committees however, recommended further engagement with the Executive to allow for thorough and detailed work and submissions on the larger part of the Advances which amounts to N22.7 trillion.

The request by President Buhari was contained in a letter in 2022 requesting that the N22.7 trillion Ways and Means loan should be converted to a 40-year bond with a moratorium of three years.

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The money in question is expected to be used to fund the N819.5 billion 2022 supplementary budget which the lawmakers approved last December.

Meanwhile, Speaker of the House, Mr Femi Gbajabiamila informed his members that the other report will be considered subsequently after their recess.

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