The House of Representatives on Tuesday partly approved President Muhammadu Buhari’s N22,719,703,774,306.90 requests on Ways and Means Advances, WMAs, from the Central Bank of Nigeria.
However, the lawmakers approved the restructuring of N1 trillion WMAs instead of the original N22.7 trillion request.
The decision of the House of Representatives came based on the recommendation of its Joint Committees.
Musa Abdullahi, the Deputy Chairman of the House Committee on Finance, disclosed this in a report to the House.
According to the House of Representatives, the committees approved the additional advance due to Nigeria’s current fiscal situation.
“(i) The approval of the requested restructuring of the N1 trillion additional Ways and Means Advances for implementing the 2022 Supplementary Appropriations Act as passed by the National Assembly.
“(ii) Further engagement with the executive by the Joint Committee to allow for thorough and detailed work and submissions on the larger part of the advances, which amounts to N22.7 trillion only,” they said.
Receive Alerts On:
Facebook: METRODAILYNG Twitter: @METRODAILYNG
REACH THE RIGHT PEOPLE AT THE RIGHT TIME WITH METRO DAILY NIGERIA. TRY AND ADVERTISE ANY KIND OF YOUR BUSINESS TO USERS ONLINE TODAY. KINDLY CONTACT US FOR YOUR ADVERTS OR PUBLICATIONS @ METRODAILYNG@GMAIL.COM or 08077778839. OR VISIT US AT OUR OFFICE AT
PLOT 273 REINSURANCE BUILDING
HERBERT MACAULAY WAY
2ND FLOOR, C WING, CENTRAL BUSINESS DISTRICT (CBD)
ABUJA – FCT.