The Nigerian Senate has approved the restructuring of the Ways and Means advances Request by the Federal Government of the sum of N22.7 trillion Naira .
The Senate also approved an additional sum of 180.4 Billion naira being balance of the Supplementary Budget and the interest accrued on the ways and means Advances .
The Senate’s Decision followed the consideration of a report from its Special Committee on Ways and Means at Plenary On Wednesday.
After exhaustive deliberations, the Nigerian Senate finally grants President Buhari’s Ways and Means requests.
President Buhari had earlier written to the Senate to seek its approval on emergency loans already obtained from the Central bank of Nigeria to finance the Country’s Federal Budget due to revenue shortfall and to fund critical projects across the country .
The N22.7 trillion request has now been approved by the upper legislative chamber and a balance N180.4 billion of the N1 trillion Naira additional request being the Accrued interest on the sum which was earlier approved by the Senate.
Beneficiaries as captured by the CBN include, the Federal Government of Nigeria, the office of the accountant general of the Federation, Ministry of Foreign Affairs, Nigeria Bulk Electricity Trading, Azura Power West Africa, Niger Delta Power Holding Company and Accugas Limited.
The Special Committee’s Findings also reveals that part of the Ways and Means monies were also given to State governments as loans to augment budgetary shortfalls in their various States.
The Senate also sounds a note of warning to the executive that the National Assembly will not condone any future Increase in the ways and means without seeking the approval of the National Assembly.
The Senate also urged the Federal Government to begin the recovery process of portion of the ways and means advances given as loans to State Governments.
The Upper Legislative Chamber tasked the Federal Government through its Ministry of Finance, Budget and National Planning to expedite action on the repayment of the loans through treasury bills and bond issuances as earlier proposed.
