The House of Representatives (Reps) revised the Central Bank of Nigeria (CBN) Act to increase the apex bank’s lending limit 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 change will allow the government to meet its current and future obligations in the Ways and Means Committee’s approval of the Ways and Means.
The bill was passed by the House just 24 hours after the Senate passed it in a similar extraordinary session.
The House, like the Senate, altered the 2023 supplementary budget to allow for its implementation until December 31, 2023.
