Rowdy session as Reps raise ways and means to 10%

It was a rowdy scene at the emergency plenary session called by the Speaker of the House of Representatives, Tajudeen Abbas, on Wednesday.

The debate centred on a bill seeking to raise the Ways and Means cash advances from the Central Bank of Nigeria from five per cent to 10 per cent.

This followed the consideration of “A Bill for an Act to amend the Central Bank of Nigeria Act, 2007 to increase the Central Bank of Nigeria’s total advance to the Federal Government from five per cent to a maximum of 15 per cent and for other related matters.”

Members elected on the platform of seven opposition parties staged a walkout during plenary after an amendment by the minority leader, Kingsley Chinda, to reduce the Ways and Means to two per cent was rejected.

Ways and Means refers to the money that the CBN lends to the Federal Government to augment spending based on the timing of revenue generation.

The existing law provides that the advance by the apex bank must not exceed five per cent of the previous year’s revenue of the Federal Government.

Lawmakers who voted in support of the increase from five to 10 per cent included Abubakar Yalleman (APC, Jigawa), Saidu Abdullahi (APC, Niger), and Ibrahim Wase (APC, Plateau), among others.

When the bill was put to a voice vote by the Deputy Speaker, Benjamin Kalu, who presided over the plenary session, lawmakers voted against the proposed percentage.

However, Kalu ruled in favour of the ayes, prompting a walkout by opposition lawmakers.

Details later…

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