CBN Act: Senate holds emergency plenary, approves FG’s request

The Senate of the Federal Republic of Nigeria on Saturday held emergency plenary which was presided by the Senate President, Dr Ahmad Ibrahim Lawan.

The plenary held to amend the Central Bank of Nigeria, CBN, Act with an increase of advances from 5% to 15%.

The sponsor of the bill, Senator Gobir Ibrahim Abdullahi representing Sokoto East Senatorial District said the bill to amend the CBN Act was first read on Wednesday May 24, 2023.

He explained that there was need for the Ways and Means request to be increased from the current 5% to 15% to enable the Federal Government meet its financial obligations.

Senator Abdullahi said: “The Bill seeks to amend the Central Bank of Nigeria, CBN, Act to increase the total CBN advances to Federal Government from five percent (5%) to a Maximum of fifteen percent (15%).

“The Bill was read for the first time in this Chamber on Wednesday, 24th May, 2023.

“The very essence of this Bill my respected colleagues is to enable the Federal Government meet its immediate and future obligation in the approval of the ways and means by the National Assembly and advances to the Federal Government by the Central Bank of Nigeria.”

The Senate leader urged the support of Senators for the bill to scale through, stating that it was for important projects that will inflate and rejig the economy.

Senators who spoke on the floor agreed to his submission, pointing out that the FG was saddled with enormous responsibilities, hence, the support.

In his remark, Senate President, Dr Ahmad Ibrahim Lawan thanked lawmakers for their understanding and passed the bill into law.