The house of representatives is currently holding an emergency session to consider the supplementary appropriation bill.
reported that the senate extended the implementation of the 2022 budget to December.
The senate also amended the CBN act to increase its advances to the federal government from five percent to 15 percent. Under the CBN act, the ways and means provision allows the government to borrow from the CBN to finance budget shortfalls.Gobir Abdullahi, senator representing Sokoto east who sponsored the bill, said it was to enable the federal government to meet its immediate and future obligations.
“Mr President, my respected colleagues, permit me to lead the debate on this bill, which seeks to amend the CBN act to increase the total CBN advances to the federal government from five percent to a maximum of fifteen percent,” Abdullahi had said. “This amendment is very consequential and it needs the support of us all, it is to enable the federal government to embark on very important projects that will inflate and rejig the economy.”
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