Reps Dismisses N22.7tn Loan Request, Approves N1tn For Buhari

Afimag.com –

The House of Representatives, has on January 31, 2023, approved the loan requests made by the President Muhammadu Buhari on Ways and Means Advances from the Central Bank of Nigeria.

The House also approved the restructuring of N1tn WMAs and dismissed another loan request for N22,719,703,774,306.90 from the CBN.

This was in line with the recommendation of the Joint Committees on Finance; Banking and Currency; and Aids, Loans and Debts Management.

The Deputy Chairman of the House Committee on Finance, Musa Abdullahi, presented the report during a plenary.

The report reads but in part, “Based on the observations and the exigencies of the Federal Government current fiscal situation, the committees Recommends the following:

“(i) The approval of the requested restructuring of the N1 trillion additional Ways and Means Advances for implementation of the 2022 Supplementary Appropriations Act as passed by the National Assembly.

“(ii) Further engagement with the executive by the Joint Committee to allow for a thorough and detailed work and submissions on the larger part of the advances, which amounts to N22,719,703,774,306.90 only.”