The Senate has suspended President Muhammadu Buhari’s request to restructure the N22.7 trillion loan the federal government took from the Central Bank of Nigeria (CBN) under Ways and Means.
In recent years, the government has been experiencing a significant shortfall in revenue and has relied heavily on Ways and Means which stood at N22.7trillion as of 19 December, 2022.
Last week, President Buhari had asked the Senate to restructure the Ways and Means advances to raise the amount to N23.7trn with a tenor of 40 years, three years moratorium on repayment and an interest rate of 9%.
The request led to an argument in the upper Chamber during the consideration of a report by the Senate Committee on Finance.
Members of the opposition walked out of the session in protest of the request. The Senate later resolved to stay action on the request, but approved the borrowing of N819.5bn to fund the 2022 supplementary budget.