• Friday, June 14, 2024
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House of Representatives approves Buhari’s N1trn loan request


The House of Representatives on Tuesday approved President Muhammadu Buhari’s additional N1 trillion loan request from the Central Bank of Nigeria (CBN).

The loan request is expected to fund the 2022 supplementary budget.

The approval of the president’s loan request came after the committees on finance, banking, and currency, as well as on aid, loans, and debt management, had reviewed and approved it.

Read also: Buhari seeks Senate approval to restructure CBN’s N23.7trn Ways and Means

However, members of the green chambers declined the request of the president to securitize the N22.7 trillion in ways and means loans, pending “further engagement with the executive by the joint committee to allow for a thorough and detailed work and submissions.”

During plenary, Femi Gbajabiamila, the speaker of the House of Representatives, said that the N22.7 trillion request would be considered after the lawmakers resume from their vacation.

The Senate had, in December 2022, suspended the approval of the ways and means request after the president had, in a letter, urged the National Assembly to grant his request.

“The ways and means advances by the Central Bank of Nigeria to the federal government has been a funding option to the federal government to cater for short term or emergency finance to fund delayed government expected cash receipt of physical deficit,” Buhari said.