The House of Representatives has concurred with the Senate in an amendment of the Central Bank of Nigeria (CBN) Act, increasing the total loan provision for the federal government from 5 to 15 per cent.
DAILY POST reports that the approval was made during the emergency meeting by the Green Chamber on Sunday.
The Green Chamber dissolved into a Committee of the Whole to consider the report on the bill, with the Deputy Speaker, Ahmed Wase, as the chairman.
Earlier, during the weekend, Senator Leader Abdullahi Gobir, who led the debate on the CBN’s Act amendment, explained that it would enable the federal government to meet its immediate and future obligations.
The development is amidst heavy criticism that the CBN exceeded its statutory threshold of Ways and Means Advance to the federal government under President Muhammdu Buhari’s Eight years administration.
Section 38 of the CBN Act, 2007, provides that the apex bank may grant temporary advances to the Federal Government- 5 per cent of the government’s revenue.
