Buhari seeks Senate approval for CBN advance restructuring

The President, Major General Muhammadu Buhari (retd.), has forwarded to the Senate, a request for approval of restructuring of N23.7tn Ways and Means advances given to the Federal Government by the Central Bank of Nigeria.

The President as stated in a letter read in Senate Plenary on Wednesday, said Ways and Means are advances from the CBN to the federal government for emergency funding of delayed receipt of fiscal deficit.

The letter titled ‘Restructuring of Ways and Means Advances’ reads in part, ” The ways and means advance by the central bank of Nigeria, to the federal government has been a funding option to the federal government to cater for short term or emergency finance to fund delayed government expected cash receipt of physical deficit.

“The ways and means, balances as of 19th December 2022 is N23,719,703,774,306.90.

“I have approved the securitization of the ways and means balances along the following terms ÷ Amount. N23 .7tn

Tenure 40 years, Moratorium on principal repayment, three years, Pricing interest rate 9%,

“Your concurrence and approval is sought to allow for the implementation of same”

For expeditious consideration, the Senate President, Ahmad Lawan, forwarded the request to the Senate Committee on Finance for report consideration and passage in plenary on Thursday.

He said the request and the N819.5bn supplementary budget will be considered required passage in plenary Thursday along with the N20.51tn in the 2023 appropriation bill and other critical ones.

Lawan said, “We are referring these letters to our committees on Appropriation, Finance, works, water resources, and Agriculture today.

“They have to work on it and ensure that we follow the due processes. In that respect, the Minister of Finance, the CBN, misters of Agriculture, water resources, and works are to be invited and make themselves available for this process and to ensure that we get the right information between today and tomorrow.

“Tomorrow ( Thursday) by the grace of God, will be the last legislative day for the 9th senate this year. It will be quite busy for us because we have to receive the report of the 2023 Appropriation Bill from our committee on Appropriations.

“We will also receive the report on Finance Bill, 2022 from our committee on Finance. We will also receive the report from the appropriation committee on the two letters that I have just read.

“Also, the committee on power will be bringing the report on power, so it’s going to be very busy for us. So, we may have to stay here for many hours in order to pass or consider the report.”

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