Reps approve Buhari’s N22.7trn 'Ways and Means' loan request

IN quick succession, the House of Representatives gave approval to the request by President Muhammadu Buhari, 'Ways and Means' N22.7 trillion loan request which authorises the Federal Government to borrow money from the Central Bank of Nigeria, CBN.

It would be recalled that the Senate last Wednesday gave its nod to the request. Ways and Means provision allows the government to borrow from the apex bank to meet financial emergencies.

The Federal Government had said it would repay the loan which as at December, 2022 stood at N22.7 trillion with securities such as treasury bills and bonds issuance.

The report presented by three Committees of Finance, Banking and Currency, Loans and Aid Management stood in the name of the chairman, Committee on Finance, James Faleke at the committee.

"That the House do consider the Report of the Committees on Finance, Banking and Currency and Aids, Loans and Debt Management on the Restructuring of Ways and Means Advances and approve the recommendations therein (Laid: 2/5/2023), approve the requested additional N1 trillion Ways and Means advances for the implementation of the 2022 Supplementary Appropriation Act as passed by the National Assembly.

"Approve the securitization of the total outstanding Ways and Means amount under the following terms: amount N23,719,703,774,306.90, Tenor 40 years. Moratorium on Principal Repayment three years, pricing/Interest Rate nine percent per annum," the committees said.

In a similar motion, the House ad-hoc committees in charge of investigating the volume of fuel consumed daily, and state of refineries also laid its report for consideration.

The Deputy Speaker, Idris Wase, who presided over the plenary session directed the clerk to make copies of the reports available for consideration Tuesday.

He said the findings and recommendations of the committees would be important to help the incoming government to take decisions.

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