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.”

Comments

Amb. Olufadi Bags NANS Kwara ‘Icon Of Hope’ Leadership Award

Ambassador Olufadi Balarabe Ayuba, a distinguished lecturer in the Department of Mass Communication at Kwara State Polytechnic, Ilorin, has been honored with the "Icon of hope Leadership Award" by the National Association of Nigerian Students (NANS), Kwara State Chapter. The prestigious award recognizes Olufadi's exceptional contributions to leadership, academic excellence, and his unwavering commitment to students constituency, youth development and mentorship in the state. Presenting the award on Monday December 2, NANS Kwara Delegates Comrade Sulyman Muhammed Solihu and Comrade Owolabi Barakat described Olufadi as a beacon of hope and a role model for students and young leaders. In his acceptance speech, Olufadi expressed gratitude for the recognition, dedicating the award to his students and colleagues. He thanked the organizers for recognizing his efforts. Olufadi also commended the Polytechnic Management, led by the Project Rector, Dr. Abdul...

THE PLACE OF A MOTHER

By: Olufadi Balarabe Ayuba. Let her know the day she was born nakedly beautiful with tears of joy rolling down her stunningly soft cheeks. Let her know the day she had enough words to say but could only speak through the inexhaustible care of her beloved mother. Let her know those days she could not by herself take some walks down the road, but could comfortably tour the entire city tied on her mother's back. Let her know those days when she had to cry all night before she could answer nature's call, except lullabies were sung to ease her trips. Let her know the days she couldn't bathe herself, compelling her mother to wake up early, warm the water, and ignore her refusal to take a bath every morning! Let her know the day she couldn't do makeovers to beautify herself, as her mother took center stage to apply "Dusting Powder" to introduce the beauty of her Darling Princess to the world. Let her know the days when all others had forsaken, except...

KwaraPoly students embarks on campaign to celebrate Rector

Students of Kwara State Polytechnic, Department of Mass Communication has embarked on a 3-days Advertising Campaign to celebrate the Rector, Engr. Jimoh Muhammad Abdul for his kind gesture towards the Department and her students. ADVERT: Education has become way with KwaraPoly ODFEL The students in the early hours of Saturday morning went on different social media platforms; Twitter, Instagram, Facebook and WhatsApp with the hashtag “More than just a Rector”. Some of the post has inscriptions such as “a leader with an excellent administrative skills. Your contributions to the department of mass communication are wholesomely perceived” Also includes “an achiever who is very keen on intellectual and infrastructural development of the Department of Mass Communication”, Further include “You are a simple and definite simplifier, you have tremendously simplified studying mass communication in Kwara State Polytechnic “. ADVERT: Lola’s Hair Palace, we provide the best ...

Search This Blog