BREAKING: Nigerian Senate Passes N819.5billion Supplementary Budget
- The Senate has passed the nation’s budget supplementary Appropriation Bill of N819,536,937,813.00
- The passage of the budget was a sequel to consideration of the report of the Senate Committee on Appropriation -presented by the chairman, Barau Jibrin.
- There was also a rowdy session in the Senate over the request of President Muhammadu Buhari to restructure the N22.7 trillion CBN loans
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National Assembly - The Nigerian Senate on Wednesday, December 28 passed President Muhammadu Buhari’s 2022 Supplementary Appropriation Bill of N819,536,937,813.00.
According to The Nation newspaper, the move followed the consideration and approval of the report of the Senate committee on appropriation, chaired by Senator Barau Jibrin.
Source: Twitter
Senator Jibrin said the amount was meant to complete ongoing capital projects, including roads and dams destroyed by flooding.
He added that the sum would be sourced from additional domestic borrowings by the federal government.
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President Buhari, in his letter transmitting the supplementary budget to the National Assembly, stated:
“I have, therefore, approved a Supplementary 2022 Appropriation of N819,536,937,813, all of which are capital expenditures.
“The supplementary budget will be financed through additional domestic borrowings.
“This will raise the budget deficit for 2022 to N8.17 trillion and deficit to GDP ratio to 4.43 per cent.”
Senate suspends Buhari’s request to restructure N22.7trillion CBN loans
Daily Trust newspaper reports that the Senate also suspended the request of President Muhammadu Buhari to restructure the N22.7 trillion loans the Central Bank of Nigeria (CBN) extended to the federal government under its Ways and Means provision.
The Ways and Means provision allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.
The move generated uproar in the red chamber during consideration of a report by its committee on finance which worked on the presidential request.
Cash withdrawal policy: Some politicians are not happy with Emefiele, says Saraki
Meanwhile, a former Senate President, Abubkar Bukola Saraki, has stated that some politicians are not happy with the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over his recent cash withdrawal limitations.
The Department of State Security (DSS) had accused Emefiele of terrorism financing and made efforts to arrest him.
Saraki stated that there were some clouds around the DSS’s court action coming two months to the general election.
Arewa youths supporting CBN cashless policy, withdrawal limits, says Shettima
Meanwhile, the national president of the Arewa Youths, Yerima Shettima, has declared that the group is backing the CBN cashless policy and the new withdrawal limits.
Shettima said his group decided to support the policy because it is for the people and will further fight off crimes.
He also dismissed the position of some Nigerians kicking against the policy, saying it is good for the nation.
Source: Legit.ng
