The House of Representatives witnessed a rowdy scene on Wednesday during an emergency plenary session called by Speaker Tajudeen Abbas. The heated debate centered on a bill proposing to raise the Ways and Means cash advances from the Central Bank of Nigeria (CBN) from five percent to ten percent.
The bill in question, “A Bill for an Act to amend the Central Bank of Nigeria Act, 2007 to increase the Central Bank of Nigeria’s total advance to the Federal Government from five percent to a maximum of fifteen percent and for other related matters,” sparked significant controversy. Members from seven opposition parties staged a walkout after an amendment by Minority Leader Kingsley Chinda to reduce the Ways and Means to two percent was rejected.
Ways and Means refers to the funds that the CBN lends to the Federal Government to bridge gaps in spending due to the timing of revenue generation. The current law stipulates that such advances must not exceed five percent of the previous year's revenue of the Federal Government.
Supporters of the increase from five to ten percent included Abubakar Yalleman (APC, Jigawa), Saidu Abdullahi (APC, Niger), and Ibrahim Wase (APC, Plateau). However, when Deputy Speaker Benjamin Kalu, who presided over the session, called for a voice vote, the lawmakers voted against the proposed percentage. Despite this, Kalu ruled in favor of the ayes, leading to a walkout by opposition lawmakers.
