Lawmakers in the House of Representatives clashed over a bill seeking to increase the ways and means cash advances from 5% to 10%.
The controversy began when Kingsley Chinda, the Minority Leader, proposed an amendment to reduce the advances to 2% but was rejected by the majority.
POLITICS NIGERIA reports that according to the constitution, the Central Bank of Nigeria (CBN) can advance up to 5% of the previous year’s revenue to the federal government.
However, the proposed bill aims to double this limit to 10%, leading to opposition from lawmakers who argue that it will increase the country’s debt burden.
More to follow…
