By Nathaniel Zacchaeus, Abuja
The Senate President and Speaker of the House of Representatives yesterday read in their respective chambers a letter from President Buhari requesting National Assembly members to approve his request for the restructuring of N23.7trn “Ways and Means Advances”
given to the Federal Government by the Central Bank of Nigeria (CBN).
The President as stated in the letter said the “Ways and Means “are” advances from the Central Bank of Nigeria to the Federal Government for emergency funding of delayed receipt of fiscal deficit.”
Part of the letter titled: “Restructuring of Ways and Means Advances”, read, “The Ways And Means advance by the Central Bank of Nigeria, to the Federal Government has been a funding option to the Federal Government to cater for short-term or emergency finance to fund delayed government expected cash receipt of physical deficit.
“The Ways and Means, balances as of 19th December 2022 is N22.7trn. I have approved the securitization of the ways and means balances along the following terms: Amount (N23 .7trn). Tenure (40 years), moratorium on principal repayment (three years), pricing interest rate (nine per cent). Your concurrence and approval is sought to allow for the implementation of the same”
The Senate President immediately forwarded the request to the Senate Committee on Finance for report consideration and passage during plenary on Thursday. (Today)
Lawan also said the request and the N819.5bn supplementary budget will be considered in plenary on Thursday along with the N20.51trn 2023 appropriation bill and other critical ones.
Lawan said, “We are referring these letters to our committees on Appropriation, Finance, works, water resources, and Agriculture today.
“They have to work on it and ensure that we follow the due processes. In that respect, the Minister of Finance, the CBN, misters of Agriculture, water resources, and works are to be invited and make themselves available for this process and to ensure that we get the right information between today and tomorrow. (Wednesday and Thursday).
“Tomorrow (Thursday) by the grace of God, will be the last legislative day for the 9th senate this year.
“It will be quite busy for us because we have to receive the report of the 2023 Appropriation Bill from our committee on Appropriations. We will also receive a report on Finance Bill, 2022 from our committee on Finance.
“We will also receive the report from the appropriation committee on the two reports that I have just read. Also, the committee on power will be bringing the report on power, so it’s going to be very busy for us. So, we may have to stay here for many hours to pass or consider the report”, he said
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Also, at the House of Representatives, the Speaker, Femi Gbajabiamila, read the President’s communication on the Ways and Means of loans and referred it to the committees on Aids, Loan management, and Finance for action.
The Deputy Minority Leader, Toby Okechukwu, requested the Speaker to circulate the letter amongst the members to make their contributions before committing to the committee.
He said, “I think that is a very message, very important letter that will not only affect very contemporary Nigerians, it will also affect our children and grandchildren.
“I think that it is important and prudent that Mr. Speaker should make it available to members after the debate on it, there will be proper referral so that we can be able to be put in a position to consider and have a knowledge-based approach in attending to that letter. I so point out.”
Responding, Speaker Femi Gbajabiamila who presided over the plenary session promised that the letter will be made available to every member.
The Deputy Speaker, Idris Wase, however, kicked against the distribution of the letters to members.
He insisted that the Speaker’s earlier ruling on the letter, by referring it to the appropriate committees was in order.
Wase said, “Mr. Speaker, respected colleagues, we have a procedure in this House.
“When communications are read on the floor of the House, what is supposed to be done is to refer it to the appropriate committee and I believe that is what the speaker has done.
“I want to appeal that what has taken place is nothing too special, nothing different from the normal thing of what is supposed to be done.
“I want to beg that the ruling done by the speaker should be sustained and that we should make progress,” he said.
