By The House of Representatives has amended the Central Bank of Nigeria Act, increasing the lending limit of the apex bank to the federal government from 5% to 15%.
The amendment was made during an emergency session held by the lawmakers on Sunday.
This move comes in response to public concerns about why the National Assembly would approve President Muhammadu Buhari’s request for ways and means advances, especially considering that the requested amount of 23.1 trillion naira far exceeds the 5% lending limit of the CBN.
The lawmakers believe that this amendment will enable the government to fulfill its current and future obligations regarding the approval of Ways and Means by the National Assembly.
The House passed the bill just 24 hours after the Senate passed the same bill during a similar emergency session.
Similar to the Senate, the House also made amendments to the 2023 supplementary budget, allowing for its implementation until December 31, 2023.
