*Extends 2022 supplementary budget implementation by six months Sunday Aborisade in Abuja The Senate yesterday held an emergency session and amended the Central Bank of Nigeria (CBN) Act to raise
The Senate yesterday held an emergency session and amended the Central Bank of Nigeria Act to raise the total advances the apex bank can grant the federal government from five per cent to 15 per cent.
While leading the debate on the CBN Amendment Act, the Senate Leader said the Bill seeks to amend the CBN Act regarding the Ways and Means Advances policy. “This amendment is very consequential and it needs the support of us all. This is to enable the federal government to embark on very important projects that will inflate and rejig the economy.”
“If such advances remain unpaid at the end of the year, the power of the bank to grant such further advances in any subsequent year shall not be exercisable, unless the outstanding advances have been repaid. He explained that the bill which seeks to amend the 2022 Supplementary Appropriation Act would extend the implementation year from June 30, 2023, to December 1, 2023.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ways & Means: Senators Murmur As Senate Amends CBN Act To Allow More BorrowingsThe Senate, on Saturday, held an emergency session where it amended the Central Bank of Nigeria (CBN) Act, creating more space for borrowings.
Read more »
CBN Act: Senate holds emergency plenary, approves FG's requestThe Senate of the Federal Republic of Nigeria on Saturday held emergency plenary which was presided by the Senate President, Dr Ahmad Ibrahim Lawan. The
Read more »
Nigerian Senate Holds Emergency Session, Extends 2022 Budget Implementation To December 2023 | Sahara ReportersThe Senate has amended the 2022 Supplementary Appropriation Act to extend the implementation year from the 30th of June to the 31st of December, 2023. The Senate also amended the Central Bank of Nigeria (CBN) Act to increase the total CBN advances to the Federal Government from five percent (5%) to a maximum of fifteen percent (15%). The upper the legislative chamber amended both the 2022 Supplementary Appropriation Act and CBN Act on Saturday during an emergency session.
Read more »
Senate Holds Emergency Session, Amends CBN Act, Extends Implementation of 2022 Supplementary Budget to Dec 2023 – THISDAYLIVE
Read more »
Senate increases FG’s borrowing limit from CBN to 15% | TheCableThe Senate has amended the Central Bank of Nigeria (CBN) act — increasing the “ways and means borrowing” threshold for the federal government. During an emergency session held on Saturday,
Read more »
Rate hike: Expect higher prices, MAN, NECA warn CBNThe Manufacturers Association of Nigeria and the Nigeria Employers’ Consultative Association have said the recent increase of the
Read more »