Reps Amend CBN Act, Raise Lending Limit To 15%

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The House of Representatives amended the Central Bank of Nigeria Act to increase the apex bank’s maximum lending ceiling to the federal government from 5% to 15%.

The change was made at a Sunday evening emergency session of the legislature.

In light of the fact that President Muhammadu Buhari’s request for ways and means advances totaled 23.1 trillion naira—many times the CBN’s 5 percent lending limit—the public is questioning why the National Assembly would accept it.

The lawmakers are of the opinion that the modification would allow the government to fulfill its existing and future obligations in the National Assembly’s approval of the Ways and Means.

The passage of the bill by the House comes 24 hours after the Senate passed the same bill in a similar emergency session.

Just like the Senate did, the House also amended the 2023 supplementary budget to allow for its implementation till 31st December 2023.