Connect with us

News

N’Assembly resumes today, N23.7tn loan restructuring tops agenda

resume, Operators, Clerk
Spread the love

The National Assembly will on Tuesday (today) resume from its Christmas and New Year break to attend to pending issues of national interest, one of which is the request by the President, Major General Muhammadu Buhari (retd.), for restructuring of Ways and Means Advances from the Central Bank of Nigeria.

On December 28, 2022, the National Assembly passed the 2023 Appropriation Bill, the 2022 Supplementary Appropriation Bill and the Finance Bill 2022 and embarked on the break.

Advertisement

A few days earlier, Buhari had requested the Senate and the House of Representatives to approve the restructuring of the WMAs given to the Federal Government by the CBN, noting that the balance, as of December 19, 2022, was N23,719,703,774,306.90.

While the House has yet to consider the presidential request, it suffered a setback at the Senate on December 28, 2022, after the chamber gave it accelerated processing.

Buhari later warned that the country would pay N1.8tn additional interest this year if the National Assembly rejected a loan-to-bond swap request on the CBN overdrafts to the government.

Advertisement

The PUNCH recently reported that the Federal Government paid interests of N4.12tn between 2019 and 2022 on the loans it got from the CBN through Ways and Means Advances, according to data from the Medium-Term Expenditure Framework and Fiscal Strategy Papers and the public presentation documents of the approved budgets by the Ministry of Finance, Budget and National Planning.

However, the President of the Senate, Ahmad Lawan, had also at least twice after the Senate rejection said the lawmakers would revisit the domestic borrowing.

However, there are indications that the presidential request may suffer a similar fate at the House, as some members who spoke to our correspondent are divided over it.

Advertisement

Some members of the House stated that the domestic borrowing not only breached the CBN Act but also the Fiscal Responsibility Act. Others, however, argued that the government must borrow to make life easier for the people.

Another member from Delta State, Nicholas Ossai, recalled how he was ruled out of order when he rose to speak about the growing debt profile of the country under the current regime. He, however, noted that the government had no choice but to take loans to address emergency issues affecting the people. (PUNCH)

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NBC Slams TVC, Arise TV N2m Fine For Broadcast Violation

NBC
Spread the love

By Gloria Ikibah

The Nigeria Broadcasting Commission NBC, has sanctioned Television Continental (TVC) and Arise television stations for breaching sections of the Nigeria Broadcasting Code.

Advertisement

According to a letter by the Director General of the Commission, Barabe Shehu Ilelah, the television houses are to pay a fine of N2m each.

The letter reads in part: “The penalty shall be paid within two weeks of the receipt of this letter or sanction shall be graduated.

“The broadcaster shall ensure that its presenters handle programme with professionalism and sound judgement, to ensure that it does not lose focus or lead to unfair treatment of any person or institution.

Advertisement

“Broadcasting shall promote human dignity; therefore, hate speech is prohibited. The Broadcaster shall not transmit any programme, programme promotion, community service announcement or station identity, which is likely, in any circumstance, to provoke or perpetuate in a reasonable person, intense dislike, serious contempt or severe ridicule against a person or groups of people because of age, colour, gender, national or ethnic origin, disability race, religion or political leaning”.

Advertisement
Continue Reading

News

SAD! Customer Dies Inside Bank In Delta

Spread the love

A customer slumped and died after standing in a queue for long hours at a commercial bank in Agbor, Delta State.

According to the Tribune on Friday, the yet-to-be-identified man died after waiting for hours on end to collect his Automated Teller Machine (ATM) card at the bank’s branch in Ika South Local Government Area, Delta State.

Advertisement

Confirming his death, the state’s Police Public Relations Officer, DSP Bright Edafe, said, “He was not trying to withdraw cash as claimed; however, he came to the said bank to collect his ATM card.”

Advertisement
Continue Reading

News

Angry Customers Attack Wema Bank in Ibadan For Inability To Withdraw Money+VIDEO

ALAT
Spread the love

A group of angry protesters have attacked Wema Bank Plc at the Ibadan the Oyo State capital.

Naijablitznews.com reports that this is amid the Protest of scarcity of the new naira notes and fuel in Ibadan

Advertisement

Naijablitznews.co recalled that residents of Ibadan had taken to the streets in protest against the hardship triggered by the naira notes swap and the hike in fuel price.

The Central Bank of Nigeria (CBN) late last year introduced newly-designed N200, N500, and N1,000 notes and gave a January 31st deadline to phase out the old notes. The deadline was later extended by ten days following the outcry by Nigerians over the policy.

Despite the extension, the new notes are scarce and Nigerians are finding it difficult to get the old ones.

Advertisement

Also, in several parts of the country, the pump price of fuel has increased with people buying the product for as high as N500 per litre. Long queues have also resurfaced in many places.

People are Fed Up with the situation forcing some residents to take to the streets, demanding that the authorities urgently address the situation.

The roads leading to the Iwo area of Ibadan were deserted as the protesters barricaded them. They were also burnfires on the road and reports suggest that a commercial bank was attacked in the process.

Advertisement

Click to watch 

Advertisement
Continue Reading
Advertisement
Advertisement

Most Read Stories