News

SENATE APPROVES RESTRUCTURING OF 22.7 TRILLION NAIRA LOAN REQUEST.

todayMay 4, 2023 22

Background
share close

The 9th Assembly yesterday approved the restructuring of the controversial 22.719 trillion naira ways and means advances, supposedly to ensure that the government does not shut down.

The Senate gave the approval during the plenary session after considering a report from its ad hoc committee, which noted that the federal government repeatedly borrowed from the central bank of Nigeria in the process exceeding the five percent threshold of the previous year’s revenue as stipulated by the CBN Act.

President Muhammadu Buhari’s request for the National Assembly to restructure the sum of 22.719 trillion naira ways and means advances were met with suspicion and opposition by federal lawmakers in the Senate.

The Senate Leader Ibrahim Gobir who led the debate for the approval of the Ways and Means, explained that part of the money was given as loans to states, adding that a Special Committee was set up by the Red Chamber to scrutinize the fiscal document, put up the report after critical analysis and review of submissions made by the Federal Ministry of Finance, Budget, and National Planning; and the CBN.

Written by: Ella Adike

Rate it

Previous post

News

GOVERNOR OF ENUGU STATE PLACES FIVE MILLION NAIRA BOUNTY ON DONS UDEH’S KILLERS.

The Governor of Enugu State Ifeanyi Ugwuanyi has announced a cash reward of 5 million Naira for any person or group that provides information to the Nigeria Police that would lead to the arrest of those involved in the murder of the former State Secretary of the People’s Democratic Party PDP and Governorship aspirant of the All Progressives Grand Alliance APGA in the 2023 general election, Dons Udeh. Ugwuanyi, who […]

todayMay 4, 2023 10

Post comments (0)

Leave a reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0%