The Senate, on Saturday, held an emergency session where it amended the Central Bank of Nigeria (CBN) Act, creating more space for borrowings.
LEADERSHIP reports that ‘Ways and Means’ are loans or advances by the Central Bank to the Federal Government, to enable it take care of short term or emergency finances to fund delayed government expected cash receipts of fiscal deficits.
President Buhari pointed out that the N819.5billion supplementary budget would be financed by additional domestic borrowings. The CBN Act says the CBN may grant temporary advances to the federal government in respect of temporary deficit of budget revenue at such rate as the bank may determine. However, LEADERSHIP observed that some Senators were not happy with the emergency session of the Senate called by Lawan, just to help cover violations of the CBN Act and some sections of the Constitution by President Buhari, through his excessive borrowing above Federal Government threshold of 5%.
Senator Gabriel Suswam , while speaking to journalists at the end of the emergency session, also expressed reservations for the excessive borrowing of the Federal Government under Buhari, saying that it would have adverse effects on the economy in future.
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