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FinanceNews

Senate rejects Buhari’s request to restructure N22tn loan

The Senate on Wednesday rejected the President’s (retd.) request to reorganise the N22.7tn Ways and Means advances collected by the Federal Government from the Central Bank of Nigeria.Information Guide Nigeria

Buhari asked restructuring of the N22.7tn ways and means advances obtained from CBN over the last ten years, as well as N1tn to be collected as new domestic loan in a letter read on the Senate floor last week.


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In the letter, he stated that ways and means included advances from the Central Bank of Nigeria to the Federal Government for emergency payment of budgetary shortfalls that had been postponed.NYSC portal

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The controversy began when the committee’s chairman, Solomon Adeola (APC Lagos West), was asked to deliver a report on it.JAMB Result

Some senators objected quickly as the Senate leadership attempted to obtain the report of its finance committee, which had recommended that the president’s request be granted.

Senator Betty Apiafi (PDP, Rivers) was the first to raise a constitutional point of order against it, claiming that the ways and means of expenditure are unknown to the Nigerian constitution.

 

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Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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