Posted by The House of Representatives partially accepted President Muhammadu Buhari’s request for N22,719,703,774,306.90 in Ways and Means Advances from the Central Bank of Nigeria on Tuesday.
However, instead of the original N22.7 trillion request, parliament accepted the restructuring of N1 trillion WMAs.
The House of Representatives made its conclusion based on the recommendations of its Joint Committees.
Musa Abdullahi, Deputy Chairman of the House Committee on Finance, revealed this in a House report.
The committees approved the additional advance due to Nigeria’s current fiscal crisis, according to the House of Representatives.
I Approval of the recommended reorganization of the N1 trillion additional Ways and Means Advances for executing the National Assembly’s 2022 Supplementary Appropriations Act.
“(ii) Continued engagement with the executive by the Joint Committee to allow for extensive and detailed study and submissions on the bigger portion of the advances, which amounts to N22.7 trillion alone,” they said.