The Ways and Means provision allows the government to borrow
from the apex bank if it needs short-term or emergency finance to fund delayed
government expected cash receipts of fiscal deficits.
The Federal Government had said it would repay the loan
which as at December, 2022 stood at N22.7 trillion with securities such as
treasury bills and bonds issuance.
Buhari had in December last year, asked both chambers of the
National Assembly to approve the proposal.
But the lawmakers could not consider the request before
proceeding for the election, Easter and Ramadan breaks.
However after resumption on Tuesday, the Senate approved the
request on Wednesday while the House of Representatives followed suit on
Thursday.
That followed the consideration and approval of the report
of the Committee on Finance, Banking and Currency and Aids, Loans and Debt
Management, standing in the name James Abiodun Faleke (APC, Lagos) by the
Committee of Supply.
The report ask the House to: “approve the requested
additional N1 trillion Ways and Means advances for the implementation of the
2022 Supplementary Appropriation Act as passed by the National Assembly.
“Approve the Securitisation of the total outstanding Ways
and Means amount under the following
terms: amount, N23,719,703,774,306.90; tenor 40 years;
moratorium on principal repayment three years; pricing/interest rate 9 percent
per annum.”
Also at the plenary, the adhoc committees saddled with the
investigation of the volume of fuel consumed daily, and state of refineries,
laid its findings and recommendations for consideration.
In his remarks at the reports were laid, Idris Wase, the
deputy speaker, who presided over the plenary session said the report would be
considered next week Tuesday and directed the clerk to make copies of the
reports available to members
“Clerk please ensure all members get copies of this reports
before Tuesday, because they are important and will help in decision making for
the outgoing and incoming government,” Wase said.
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