BREAKING: As Nigerians Grapple With Hardship, Reps Walk Out of Plenary Over Ways and Means Bill
- Some opposition lawmakers in the House of Representatives staged a walkout from the lower legislative chamber on Wednesday, July 31, over the increment of the controversial CBN 'ways and means' lending to the FG
- The protest happened during the debate on the amendment of Section 38 of the CBN Act to increase the borrowing level from 5% to 10%
- Legit.ng learnt that the protesting lawmakers want the threshold to be reduced from the current 5% to 2%
Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering public journalism.
FCT, Abuja - There was rowdiness at the House of Representatives on Wednesday, July 31, over the ways and means bill.
As reported by The Guardian, the debate among the federal lawmakers centred on a bill seeking to raise the ways and means of cash advances from the Central Bank of Nigeria (CBN) from 5% to 10%.
Source: Twitter
'Ways and means' in the Nigerian context occur when the federal government obtains loans from the CBN.
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In February, senators lamented that the ways and means approved by the 9th national assembly plunged the nation into economic crisis and indebtedness.
Presently, Nigerians are grappling with deteriorating living standards and increased economic hardships and some of them have threatened to protest, starting Thursday, August 1.
During plenary on Wednesday, July 31, opposition party members staged a walkout after an amendment by Kingsley Chinda, the minority leader, that the ways and means be reduced to 2% was rejected, TheCable noted.
Lawmakers who voted in support of the increase from 5% to 10% included Abubakar Yalleman (All Progressives Congress, APC, Jigawa), Saidu Abdullahi (APC, Niger), and Ibrahim Wase (APC, Plateau), among others.
When the bill was put to a voice vote by Benjamin Kalu, the deputy speaker, 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.
Watch the discourse concerning the ways and means below:
Read more on ways and means
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- Tinubu's minister speaks on CBN's printing of money to finance budget deficit
- Ways and means: Good news as FG settles important debt with a domestic creditor
"Reps may call for Kyari's sack": Agbese
In a piece of related news, Legit.ng reported that the deputy spokesman of the House of Representatives, Philip Agbese, accused the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of orchestrating efforts to undermine the Dangote Refinery.
Agbese refuted claims that the Dangote Refinery is involved in reselling crude oil shipments.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
