As Olamilekan commenced his presentation, the Senator representing Rivers West, Betty Apiafi, raised a point of order in objection, saying it was unconstitutional.
By Deborah Hassan
365Daily- A request by President Muhammadu Buhari urging the Senate to approve N23.7 trillion that has been spent by the federal government without approval on Wednesday caused a rowdy session in the Red Chamber.
This followed the submission of a report by the Chairman of the Senate Finance Committee, Sen. Solomon Olamilekan, on the President’s “way and means advances” request.
As Olamilekan commenced his presentation, the Senator representing Rivers West, Betty Apiafi, raised a point of order in objection, saying it was unconstitutional.
However, Senate President, Ahmad Lawan, ruled her out of order, saying: “Let me present his report first… I’m not preventing anyone from speaking.”
This led to other Senators raising their voices in support or opposition to the request.
365Daily recalls that President Muhammadu Buhari forwarded a request for approval of the restructuring of N23.7trn Ways and Means advances given the federal government by the Central Bank of Nigeria (CBN) earlier in the month.
The request was contained in a letter addressed to Senate President Ahmad Lawan.
Buhari explained that Ways and Means are advances from the Central Bank of Nigeria to the federal government for emergency funding of delayed receipt of fiscal deficit.
The letter read in part: “The Ways and Means advances by the Central Bank of Nigeria to the federal government has been a funding option to the federal government to cater for short term or emergency finance to fund delayed government expected cash receipt of physical deficit.
“The Ways and Means balance as at 19th December 2022 is N22.7 trillion.
“I have approved the securitisation of the ways and means balances along the following terms: amount, N23.7 trillion; tenure, 40 years; moratorium on principal repayment, three years; pricing interest rate 9%.
“Your concurrence and approval is sought to allow for the implementation of the same.”