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 five (5) to fifteen (15) per cent. According to Channels Television, the amendment was done at an emergency session held by the lawmakers on Sunday.
It 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.
The Lawmakers believe the amendment will enable the government to meet its present and future obligation 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. Channels Television reports that just like the Senate did, the House also amended the 2023 supplementary budget to allow for its implementation till 31st December 2023.
