The House of Representatives on Tuesday at plenary approved
N1 trillion additional Ways and Means advances for implementation of the 2022 supplementary appropriations act as passed by the parliament.
Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls.
The House however said it will further engage with the executive to allow for a thorough and detailed
work and submissions on the larger part of the advances which amounts to N22.7 trillion.
This was sequel to the consideration and adoption of a report of the joint committee on Finance, Banking and Currency and Aids, Loans and Debts Management by the committee of supply.
Presenting the report, the report
Abdullahi Saidu, deputy chairman of the committee on finance said the recommendation were based
observations and the exigencies of the rederal government current fiscal situation.
“Based on the observations and the exigencies of the federal government current fiscal situation, the committees recommend the following:
“The approval of the requested restructuring of the N1 trillion additional Ways and Means advances for implementation of the 2022 Supplementary Appropriations Act as passed by the National Assembly.
“Further engagement with the executive by the Joint Committee to allow for a thorough and detailed
work and submissions on the larger part of the Advances which amounts to N22,719, 703,774,306.90.”
Chinyere Igwe from Rivers state raised a point of order that the report was signed by only one person but said the speaker can use his discretion to pass it.
Femi Gbajabiamila, speaker of the House who chairs the committee of supply said the full report will be considered later as the one considered is for the 2022 supplementary budget and moved on.
