Appeal to protesters to halt action, another amendment to the 2024 budget and an increase in CBN’s lending to the government are the issues addressed in the Senate yesterday... CLICK TO READ THE FULL NEWS HERE▶▶
Senate makes another amendment on 2024 appropriation
The senate has passed a bill seeking to amend the long title and certain other clauses of the 2024 appropriation law. In a lead debate, leader of the senate, Sen. Opeyemi Bamidele (APC, Ekiti Central) noted that after critical examination of the last amendment of same appropriation bill passed recently, the directorate of legal services of the National Assembly observed some fundamental issues which require fresh legislative action on the long title of the bill, as well as clauses 1, 13, 14 and 5. Consequently, the bill to repeal and re-enact the appropriation act, 2024 was passed.
CBN ways and means amendment
Another amendment as senate raises CBN lending to FG to 10%
The Senate has passed a bill for an amendment to the Central Bank of Nigeria (CBN) Act to increase the bank’s total advances to the federal government from 5% to a maximum of 10%. The executive bill, presented by leader of the Senate, Opeyemi Bamidele (APC, Ekiti Central) passed first, second and subsequently passed third reading during Wednesday’s emergency sitting. In his lead debate, Bamidele clarified that the purpose of the bill is to allow the federal government to fulfil its obligations, both present and future, given the government’s growing need for funding to cover its expenditures and budget deficits. He went on to say that the advances will help preserve financial market stability by averting government default on its obligations and will supply quick cash to cover budget deficits and support necessary government spending. The initial amendment bill called for a borrowing cap of 15%, but a number of senators urged that in order to maintain budgetary restraint, the borrowing cap should not go above 10%.
Senate appeal to protesters to give Tinubu more time
Following an executive session during the day’s emergency plenary, the senate has appealed to organisers of the proposed #Endbadgovernance hunger protests slated to commence today, Thursday, August 1, 2024, to give President Bola Tinubu more time to allow his policies to yield desired results. Making this appeal, the senate through its president, Godswill Akpabio, stressed that one year is too short for the administration’s economic and social policies to take root and yield results. He noted that the government has already commenced executing measures to meet the demands of the protesters including minimum wage, student loans, and sales of crude oil refineries. According to him, 75 senators were present at the session despite speculations that senators had fled the country ahead of the planned protests.
A minute silence for late Senator Ubah
The senate, at its emergency plenary sitting, observed a minute of silence in honour of late Senator Ifeanyi Uba who died in the United Kingdom on Friday in the United Kingdom. This according to Akpabio is in anticipation of an official notification of his demise from his family.
