The House of Representatives has approved the request by President Muhammadu Buhari to restructure the N22.7 trillion loan from the Central Bank of Nigeria (CBN) extended to the federal government under its Ways and Means provision.
The Ways and Means provision allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.
The federal government had said it would repay the loan, which as at December 2022 stood at N22.7 trillion with securities such as treasury bills and bonds issuance.
Buhari had in December 2022, asked both chambers of the National Assembly to approve his proposal, but the lawmakers whom had promised to consider the request before proceeding for the election break, failed to list it for consideration during plenary in January.
Presenting the report at the Committee of the Whole on Thursday, the relevant committees said: "That the House do consider the Report of the Committees on Finance, Banking and Currency and Aids, Loans and Debt Management on the Restructuring of Ways and Means Advances and approve the recommendations therein (Laid: 2/5/2023), approve the requested additional N1 trillion Ways and Means advances for the implementation of the 2022 Supplementary Appropriation Act as passed by the National Assembly.
"Approve the securitization of the total outstanding Ways and Means amount under the following terms: amount N23,719,703,774,306.90, Tenor 40 years
Moratorium on Principal Repayment 3 years, pricing/Interest Rate 9 per cent per annum."
Also at plenary, the ad hoc committees in charge of investigating the volume of fuel consumed daily, and state of refineries, laid its findings and recommendations for consideration.
The ad hoc committees respectively chaired by Hon. Abdulkadir Abdullahi and Hon. Ganiyu Johnson said: "Ad hoc Committee on the Volume of Fuel Consumed Daily in the Country: That the House do receive the Report of the Ad hoc Committee on the volume of fuel consumed daily in the country on the need to ascertain the actual daily consumption of premium motor spirit (PMS) in Nigeria (HR. 21/01/2022).
"Ad hoc Committee on the State of Refineries in the Country: That the House do receive the Report of the Ad hoc Committee on the State of Refineries to ascertain the actual Cost of Rehabilitating the Nigerian Refineries."
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Reacting, the Deputy Speaker, Hon. Idris Wase, who presided over the plenary session, directed the clerk to make copies of the reports available for consideration Tuesday.
Wase said: "Clerk please ensure all members get copies of this reports before Tuesday, because they are important and will help in decision making for the outgoing and incoming government."
Meanwhile, a Bill for an Act to Repeal the National Examinations Council (NECO) Act Cap. N37, Laws of the Federation of Nigeria, 2004 and Enact the National Examinations Council Bill to Provide for making NECO National Common Entrance Examination (NCEE), the Basic Education Certificate Examination
(BSCE) and the Senior Secondary Certificate Examination (Internal) (SSCE) (1) Compulsory for every Nigerian Child and Provide for the Removal of Clause "without Prejudice to the existing Powers and Function of the West African Examinations Council (WAEC)" from the Act and to design the scope of the Power and Functions of the Governing Board of the Council, has passed through second reading.
The proposed legislation was sponsored by Hon. Julius O. Ihonvbere.
