*Hikes advances to FG from 5% to 15% Sunday Aborisade in Abuja The Senate held an emergency session on Saturday and passed a bill which seeks to amend the Act
The Senate held an emergency session on Saturday and passed a bill which seeks to amend the Act which established the Central Bank of Nigeria.
The Senate Leader in his lead debate explained that the bill which seeks to amend the 2022 Supplementary Appropriation Act would extend the implementation year from the 30th June 2023 to 31st December 2023. “The extension had allowed MDA’s to utilize a large proportion of funds released to them. However, significant amounts of funds remain with Ministries Department and Agencies and will require a further extension to be fully expended.
Gobir therefore urged his colleagues to give their full support to the Bill to allow full utilization of the Capital releases in order to help reflate the economy.While also leading the debate on the CBN Amendment Act, the Senate Leader said the Bill seeks to amend the Central Bank of Nigeria 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.” In addition, it stipulates that, “All advances shall be repaid as soon as possible and shall, in any event, be repayable by the end of the Federal Government financial year in which they are granted.
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