The minority caucus in the House of Representatives walked out on Wednesday in protest against a bill that would increase the Central Bank of Nigeria’s (CBN) total advances to the Federal Government from 5% to a maximum of 10%.
The opposition members in the green chamber protested after lawmakers from the All Progressives Congress (APC) modified the CBN Act to boost the Federal Government’s access to Ways and Means loans from the apex bank.
The apex bank, known as Ways and Means, provides the federal government with short-term credit to bridge budget gaps.
Kingsley Chinda, the Minority Leader of the House, had objected to the amendment’s approval, claiming that it would diminish the National Assembly’s powers and allow the CBN to exercise excessive discretion.
He recommended reducing it to 2% rather than increasing it.
But the issue was put to a vote, and the amendment was approved. The minority caucus immediately walked out, but returned later to oppose the amendment.
Opposition groups in the lower chamber include the Peoples Democratic Party (PDP), Labour Party (LP), New Nigeria People’s Party (NNPP), and All Progressives Grand Alliance (APGA), among others.
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