The Senate has significantly amended the 2022 Supplementary Appropriation Act and the Central Bank of Nigeria (CBN) Act.
It was reports that these amendments were discussed during an emergency session held today, just two days before the upcoming presidential inauguration of President-elect Bola Tinubu.
One of the key changes made by the National Assembly is an extension of the implementation period for the 2022 Supplementary Appropriation Act. The original deadline of December 31, 2022, has now been extended to March 31, 2023.
In addition to the amendments to the Supplementary Appropriation Act, the Senate also made revisions to the CBN Act. The amendment involves increasing the total CBN advances to the Federal Government from 5% to 15%.
The aim behind this adjustment, as explained by the Senate Leader during the debate, is to enable the Federal Government to meet its immediate and future obligations with the approval of ways and means by the National Assembly, along with advances from the Central Bank of Nigeria.