The Federal Government acquired Ways and Means Advances worth N23,719,703,774,306.90 from the Central Bank of Nigeria, and the House of Representatives approved them.
The National Assembly had rejected domestic borrowing from the CBN in January 2023, but the President, Major General Muhammadu Buhari (retired), had been pleading with the MPs to reconsider since December 2022.
About 24 hours after the Senate authorized the president’s request, which sparked outrage, particularly from the private sector, the House approved the request.
Three weeks before the president administration’s demise, the approvals arrived. The report from the Joint House Committee on Finance, Banking, and Aids, Loans, and Debt Management was released.