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Business News of Sunday, 28 May 2023


Reps concur with Senate, extend limit on CBN loans

House of Reps House of Reps

The House of Representatives has approved an amendment to the Central Bank of Nigeria Act, raising the ceiling of Ways and Means advances from the apex bank from 5 to 15 per cent.

The House gave the approval at an emergency sitting today.

The Senate had earlier on Saturday raised the percentage at an emergency plenary.

The Senate had approved an upward review of the Ways and Means Advances accessible to the Federal Government from the CBN.

According to the lawmakers, it would enable the Federal Government to meet its immediate and future obligations with 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 also passed another legislation that seeks to extend the implementation of the 2022 supplementary budget by six months, from June to December 2023, which the House earlier approved on Thursday.

Concurrence with the Senate by the House was a prerequisite for legislation to be assented to by the President.

The House, after passing the upward review of the WMA ceiling, suspended its relevant rules to approve the votes and proceedings for the visit, a process that usually takes place at the next adjourned date.

The acceleration of the process indicated that the outgoing President, Major General Muhammadu Buhari (retd.), may sign the bills into law before handing over power to the President-elect, Bola Tinubu, on Monday.

The PUNCH reports that while the Senate sits on Tuesday and Wednesday, the House sits up until Thursday.

More details later…