Reps approve a 10% increase for FG in CBN’s Ways and Means amid heated debate

Rowdiness and disorder took over during an emergency plenary session convened by House of Representatives Speaker Tajudeen Abbas on Wednesday in Abuja.

The discussion focused on a proposed bill aiming to increase the Ways and Means advances from the Central Bank of Nigeria (CBN) from 5% to 10%.

This followed the consideration of “A Bill for an Act to amend the CBN Act, 2007 to increase the Central Bank of Nigeria’s total advance to the Federal Government from five percent to a maximum of 15 percent and for other related matters.”

Following the defeat of their proposed amendment to lower the Ways and Means to 2%, lawmakers from seven opposition parties left the plenary session in protest, led by Minority Leader Kingsley Chinda, Persecondnews reports.

The CBN provides the Federal Government with temporary financing known as “Ways and Means” to bridge the gap between revenue collection and expenditure.

The current legislation caps the central bank’s advance to the federal government at 5% of the previous year’s revenue.

Notably, lawmakers such as Rep. Abubakar Yalleman (APC, Jigawa), Rep. Saidu Abdullahi (APC, Niger), and Rep. Ibrahim Wase (APC, Plateau) voted to double this limit to 10%.

Deputy Speaker Benjamin Kalu, who chaired the plenary session, called for a voice vote during which lawmakers voted against the proposed percentage.

Kalu overruled the outcome, declaring the “Ayes” victorious, which led to a walkout by opposition lawmakers.