By Felix ifijeh
May 27, (THEWILL) – The Nigerian Senate has in an emergency plenary session on Saturday, amended the Central Bank of Nigeria (CBN) Act.
Senate Leader, Abdullahi Gobir, who read the lead debate on the bill, said the amended Act increased the total CBN advances (Ways and Means provision) to the Federal Government from 5% to a maximum of 15%.
Gobir said the Amended Act will enable the Federal Government to meet its immediate and future obligation in the approval of the ways and means by the National Assembly and advances to the Federal Government by the CBN.
“Mr President, my respected colleagues, permit me to lead the debate on this Bill which seeks to amend the Central Bank of Nigeria (CBN) Act to increase the total CBN advances to the Federal Government from five per cent to a maximum of 15 per cent (15%).
“The Bill was read for the first time in this Chamber on Wednesday, May 24, 2023.
“This amendment is very consequential, and it needs the support of us all. This is to enable the Federal Government to embark on very important projects that will inflate and rejig the economy”, Gobir said while leading the debate on the bill before the amendment was passed on Saturday.
