By Milcah Tanimu
A dramatic walkout occurred in the House of Representatives as lawmakers debated a bill to raise the limit on ways and means advances from 5% to 10% of the previous year’s revenue.
The debate intensified when Minority Leader Kingsley Chinda proposed an amendment to lower the advances to 2%, a suggestion that was rejected by the majority. This proposed increase, which would double the current limit, has sparked controversy among opposition members who fear it will exacerbate the nation’s debt burden.
The Central Bank of Nigeria (CBN) is constitutionally allowed to provide advances up to 5% of the previous year’s revenue. The bill’s proposal to increase this limit has been met with significant resistance, with critics arguing it will lead to further economic strain.
More details on this unfolding situation will follow.
