The House of Representatives has approved an amendment to the Central Bank of Nigeria (CBN) Act, raising the ceiling of Ways and Means Advances (WMA) from the apex bank from five to 15 per cent.
The House gave the approval at an emergency sitting today, which Breezy News earlier reported.
At an emergency plenary yesterday, the Senate raised approved an upward review of the WMA accessible to the Federal Government from the CBN.
According to the lawmakers, it would enable the Federal Government to meet its immediate and future obligations with the approval of the Ways and Means by the National Assembly, and advances to the Federal Government by the Central Bank of Nigeria.
The Senate also passed another legislation to extend the implementation of the 2022 supplementary budget by six months – from June to December 2023 – which the House earlier approved on Thursday.
Concurrence with the Senate by the House was a prerequisite for legislation to be assented to by the President. President Muhammadu Buhari may therefore be presented with the bill to assent later today, the last day of his administration.
The House, after passing the upward review of the WMA ceiling, suspended its relevant rules to approve the votes and proceedings for the visit, a process that usually takes place at the next adjourned date.
