The Federal Republic of Nigeria’s Senate held an emergency plenary on Saturday, with Dr. Ahmad Ibrahim Lawan presiding.
The Central Bank of Nigeria, CBN, Act was amended by the plenary to increase advances from 5% to 15%.
The measure to alter the CBN Act was first read on May 24, 2023, according to Senator Gobir Ibrahim Abdullahi of Sokoto East Senatorial District, who is also the bill’s sponsor.
He explained that in order for the federal government to be able to satisfy its financial obligations, the Ways and Means request needed to be raised from its current level of 5% to 15%.
Senator Abdullahi said: “The Bill seeks to amend the Central Bank of Nigeria, CBN, Act to increase the total CBN advances to Federal Government from five percent (5%) to a Maximum of fifteen percent (15%).
“The Bill was read for the first time in this Chamber on Wednesday, 24th May, 2023.
“The very essence of this Bill my respected colleagues is to enable the Federal Government meet its immediate and future obligation in the approval of the ways and means by the National Assembly and advances to the Federal Government by the Central Bank of Nigeria.”
The Senate leader pleaded with senators to support the bill, saying it was for significant projects that will boost and reorganize the economy.
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Senators who spoke on the floor agreed with his proposal and noted that the FG was burdened with heavy obligations, thus the support.
As he signed the bill into law, Senate President Dr. Ahmad Ibrahim Lawan praised the lawmakers for their cooperation.
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