There was chaos today, July 31 as opposition members of the House of Representatives staged a walkout during the plenary over a bill seeking to raise the ways and means cash advances from 5% to 10%.
The existing law provides that the advance by the Central Bank of Nigeria (CBN) must not exceed 5% of the previous year’s revenue of the federal government.
The decision to raise the ways and means led to a heated debate on the floor of the house after an amendment by the minority leader, Kingsley Chinda, that the ways and means be reduced to 2% was rejected.
Ways and Means is the money that the Central Bank of Nigeria lends to the Federal Government in the meantime to augment spending based on the time the revenue is generated.
Details soon…
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