The House of Representatives revised the Central Bank of Nigeria Act to increase the apex bank’s lending ceiling to the federal government from 5% to 15%.
The amendment was passed during a special session of the legislature conducted on Sunday.
It comes amid popular anxiety about why the National Assembly would approve President Muhammadu Buhari’s request for ways and means advances, given that the 23.1 trillion naira request exceeded the CBN’s 5 percent lending cap.
The Lawmakers believe the amendment will enable the government to meet its present and future obligation in the approval of the Ways and Means by the National Assembly.
The passage of the bill by the House comes 24 hours after the Senate passed the same bill in a similar emergency session.
Just like the Senate did, the House also amended the 2023 supplementary budget to allow for its implementation till 31st December 2023.