Buhari’s request for N1 trillion in Ways and Means is approved by the House

The restructuring of N1 trillion to fund the 2022 supplementary budget has been authorized by the House of Representatives.

The Committee of Supply approved President Muhammadu Buhari’s request for a loan from the Central Bank of Nigeria, CBN, on Tuesday.

The approval brings the total loan stock at Ways and Means to N23.7 trillion.

Last year, the National Assembly passed a N815 billion extra budget, which President Buhari stated would be paid by fresh domestic borrowing.

President Buhari had already demanded that the House approve the securitization of N23.7 trillion in ways and methods.

However, lawmakers have yet to approve the proposal, citing the executive’s failure to provide additional facts.

The legislature then adjourned till February 28.