House Restructures, Approves Buhari’s Controversial Ways and Means Loan

Paschal Emeka, Abuja | February 1, 2023

The House of Representatives has approved the Federal Government’s request for the sum of N1 trillion additional Ways and Means loan.

The Chairman, House Committee on Finance and Banking, Hon. James Faleke while presenting the report of his committee to the House also made some recommendations that can help the Federal Government on Aids, Loans, and Debts Management.

“That the House does consider the Report of the Committees on Finance, Banking and Currency and Aids, Loans and Debts Management on the Restructuring of Ways and Means Advances and approves the recommendations therein,” he explained.

Hon. Flake further explained that based on the observations of his committee and the exigencies of the Federal Government’s current Fiscal situation, they have recommended for the approval of the requested restructuring of the N1 trillion additional Ways and Means advances for implementation of the 2022 Supplementary Appropriations Act as passed by the National Assembly;

The Committee also recommended full engagement with the executive by the Joint Committee to allow for thorough and detailed work and submissions on the larger part of the advances which amount to a sum of N22,719,703,774,306.90 only.

But a synopsis of the report according to Hon. Saidu Abdullahi stated that the joint Committee recently considered the restructuring of the Ways and Means of advancement from the Central Bank of Nigeria to the Federal Government to ensure continuous governance considering the different challenges faced by the government to carry out its duties to the Nigerian people in recent times.

He urged honorable members to support the recommendations of the committee for good governance and for the benefit of Nigerians

The House shortly after some comments voted in support of the recommendation and was adopted.

‘Ways and Means’ is the money the Federal Government borrowed from the Central Bank of Nigeria. This is part of the money the apex bank allegedly printed for the Federal Government, a development many said was abused, hence the high inflation rate the country is witnessing currently.