SENATE APPROVES RESTRUCTURING OF 22.7 TRILLION NAIRA LOAN REQUEST.

The 9th Assembly yesterday approved the restructuring of the controversial 22.719 trillion naira ways and means advances, supposedly to ensure that the government does not shut down.

The Senate gave the approval during the plenary session after considering a report from its ad hoc committee, which noted that the federal government repeatedly borrowed from the central bank of Nigeria in the process exceeding the five percent threshold of the previous year’s revenue as stipulated by the CBN Act.

President Muhammadu Buhari’s request for the National Assembly to restructure the sum of 22.719 trillion naira ways and means advances were met with suspicion and opposition by federal lawmakers in the Senate.

The Senate Leader Ibrahim Gobir who led the debate for the approval of the Ways and Means, explained that part of the money was given as loans to states, adding that a Special Committee was set up by the Red Chamber to scrutinize the fiscal document, put up the report after critical analysis and review of submissions made by the Federal Ministry of Finance, Budget, and National Planning; and the CBN.