The Senate had last week suspended consideration of Mr Buhari’s request to pay the outstanding N22.7 trillion to the CBN.
At the budget signing, Mr Buhari reminded the lawmakers that the balance has accumulated over several years and “represents funding provided by the CBN as lender of last resort to the government to enable it to meet obligations to lenders, as well as cover budgetary shortfalls in projected revenues and/or borrowings.”
The president said he has no intention to abrogate the right of the National Assembly to interrogate the composition of the balance, which can still be done even after granting the requested approval.”Failure to grant the securitisation approval will however cost the government about N1.
The Ways and Means are advances from the Central Bank of Nigeria to the federal government for emergency funding of delayed receipt of fiscal deficit.A PREMIUM TIMES analysis found that the central bank’s advances to the federal government in the last seven years rose to N23.8 trillion, an unprecedented rise that violated the law, stoked inflation and worsened thehttps://www.premiumtimesng.
On Tuesday, in his reaction to the president’s speech, Senate President Ahmad Lawan said the National Assembly is “already considering” the president’s request. He, however, assured that while the request is being considered, they will insist on “getting the right documents for the committees” to ensure that whatever decision is taken, is based on information and knowledge from the documents.
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