Reps approve Buhari’s N22.7trn Ways and Means Loan request

…to consider reports on state of refineries, fuel consumption next week

By Levinus Nwabughiogu

In quick succession, the House of Representatives on Thursday gave approval to the request by President Muhammadu Buhari Ways and Means N22.7 trillion loan request which authorizes the federal government to borrow money from the Central Bank of Nigeria (CBN).

Recall that the Senate had on Wednesday gave its nod to the request.

For purposes of recapitulation, President Buhari made the request via a letter he wrote to the two chambers of the national assembly in December last year but its consideration and approval never happened until now as the members of both Houses shut down for the 2023 elections.

Ways and Means provision allows the government to borrow from the apex bank to meet financial emergencies.

The Federal Government had said it would repay the loan which as at December, 2022 stood at N22.7 trillion with securities such as treasury bills and bonds issuance.

The report presented by three committees of finance, banking and currency, loans and aid management stood in the name of the chairman, committee on finance, Hon. James Falake at the Committee.

“That the House do consider the Report of the Committees on Finance, Banking and Currency and

Aids, Loans and Debt Management on the Restructuring of Ways and Means Advances and approve the recommendations therein (Laid: 2/5/2023), approve the requested additional N1 trillion Ways and Means advances for the implementation of the 2022 Supplementary Appropriation Act as passed by the National Assembly.

In a similar motion, the House adhoc committees in charge of investigating the volume of fuel consumed daily, and state of refineries also laid its report for consideration.

The adhoc committees respectively chaired by, Hon. Abdulkadir Abdullahi and Hon. Ganiyu Johnson said, “Ad-hoc Committee on the Volume of Fuel Consumed Daily in the Country: That the House do receive the Report of the Ad-hoc Committee on the Volume of Fuel Consumed Daily in the Country osn the Need to Ascertain the Actual Daily Consumption of Premium Motor Spirit (PMS) in Nigeria (HR. 21/01/2022).

“Ad-hoc Committee on the State of Refineries in the Country: That the House do receive the Report of the Ad-hoc Committee on the State of Refineries to ascertain the actual Cost of Rehabilitating the Nigerian Refineries.”

The Deputy Speaker, Hon. Idris Wase who presided over the plenary session however directed the clerk to make copies of the reports available for consideration Tuesday.

He said the findings and recommendations of the committees would be important to help the incoming government to take decisions.

 “Clerk please ensure all members get copies of this reports  before Tuesday, because they are important and will help in decision making for the outgoing and incoming Government”, he said.