The House of Representatives has amended the Central Bank of Nigeria Act to raise the lending limit of the apex bank to the Federal Government from 5% to 15%.
The amendment was done at an emergency session held by the lawmakers yesterday.
This comes amid concerns from the public regarding why the National Assembly would approve the ways and means advances request of President Muhammadu Buhari, considering that the 23.1 trillion naira request was many times over the 5 percent lending limit of the CBN.
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The Lawmakers, however, say they believe the amendment will help the government meet its present and future obligations in the approval of the Ways and Means by the National Assembly.
The passage of the bill by the House comes 24 hours after the Senate passed the same bill in a similar emergency session.
Just like the Senate did, the House also amended the 2023 supplementary budget to allow for its implementation till 31st December 2023.
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