New Telegraph

February 24, 2024

Senate silent on Buhari’s N22.7trn Ways and Means restructuring request

The Senate has failed to approve the N22.7 trillion Ways and Means restructuring request by President Muhammadu Buhari, contrary to expection of Nigerians. The apex legislative Chamber has also adjourned plenary till February 28, when it will reconvene after the conduct of the presidential elections.

It was highly anticipated that the request would be considered and approved by the Chamber before vacating yesterday, to enable members participate in the ongoing political campaigns and Presidential election. Indication emerged that the request had hit the rock when it was not enlisted in the day’s Order Paper among other legislative items scheduled for consideration by the lawmakers. New Telegraph learnt that the required details on the fund were not provided by the Minister of Finance, Zainab Ahmed and the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele. President Buhari had in a letter to the Senate shortly before it went on Christmas and New Year recess, sought for restructuring of the N22.7 trillion Ways and Means advances from the Central Bank of Nigeria (CBN) within the last ten years. “Ways and Means” are loans or advances by the Central Bank to the Federal Government to enable it cater for short term or emergency finance to fund delayed government expected cash receipt of fiscal deficits.”

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