A bill aimed at liquidating the Central Bank of Nigeria’s (CBN) outstanding N30 trillion Ways and Means advances will soon be introduced in the Senate to reduce inflationary pressure in the country.
Sponsored by Senator Adetokunbo Abiru and co-sponsored by other prominent senators, the bill seeks to implement emergency economic measures to restore macroeconomic stability by reducing the inflation rate to 18.60% by the end of 2026.
The proposed legislation includes raising a minimum of $30 billion over 24 months, with the proceeds primarily used to settle the outstanding Ways and Means.
This is intended to enhance the CBN’s ability to maintain price stability and support the government’s economic agenda.
The Senate is also investigating how the N30 trillion was obtained and spent during the Buhari administration.
The bill further proposes the establishment of an Inflation Reduction Fund and a Public Assets Sale Committee to manage the disposal of federal government assets.
This proposal was made to reduce the fiscal deficit and strengthen Nigeria’s economic foundation.