The Nigerian Senate and the House of Representatives have amended the CBN Act, marking an increase in the credit facility available to the Federal Government from the Central Bank of Nigeria (CBN).
This increase raises the allowance from 5% to 10% of the government's annual revenue.
The amended bill, introduced by the executive and approved during the legislative sessions, aims to provide the federal government with greater financial flexibility to meet both immediate and future obligations.
Senator Opeyemi Bamidele, speaking during the plenary session, emphasized that the adjusted credit facility would enable the government to address budget shortfalls, finance critical expenditures, and maintain market stability. The legislators underscored the importance of ensuring that these additional funds are directed solely towards infrastructure and legacy projects. Following deliberations in the Committee of the Whole, the bill successfully passed the third reading in both chambers and is poised for enactment into law.
In a similar vein, the House of Representatives also endorsed the amendment, aligning the Ways and Means allowance with the Senate's decision, marking a comprehensive reform to the country's financial framework.
The projected enactment of this amended bill demonstrates the government's commitment to addressing financial challenges and fostering economic development.
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