Reps in Sunday sitting extended 2022 supplementary budget implementation

Reps in Sunday sitting extended 2022 supplementary budget implementation

The House of Representatives held an emergency sitting session on Sunday and passed the amendment to the 2022 supplementary budget, extending its implementation to December 2023.

It also passed the bill to amend the CBN Act.
On Saturday the Senate extended the implementation of the 2022 budget to December and amended the CBN act to increase its advances to the Federal Government from five per cent to 15 per cent.

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Under the CBN act, the ways and means provision allows the government to borrow from the CBN to finance budget shortfalls.
The amendment increases the CBN advances to the federal government from five per cent to 15 per cent.
The bill, sponsored by Victor Nwokolo, chairman of the house committee on banking and finance, was passed for second reading on Thursday.
During the emergency plenary, the bill was considered by the committee of the whole and passed for third reading without any opposition.
The national assembly can now transmit the two bills to the President for assent.
The national assembly had earlier in the month approved the request by President Muhammadu Buhari to convert the N23.7tn loan to a 40-year bond.
Speaker of the House Femi Gbajabiamila commended the lawmakers for attending the emergency session despite the short notice.