During an emergency plenary session in the House of Representatives, chaos ensued over a bill to increase cash advances from the Central Bank of Nigeria. The proposed amendment aimed to raise the Ways and Means cash advances from five to 10 per cent, sparking a heated debate.
Opposition party members walked out after an attempt to reduce the Ways and Means to two per cent was rejected. Ways and Means refers to money lent by the CBN to the government to supplement spending based on revenue timing.
Despite opposition, lawmakers like Abubakar Yalleman, Saidu Abdullahi, and Ibrahim Wase supported the increase. Ultimately, although a voice vote went against the proposed percentage, the Deputy Speaker ruled in favor of the change, leading to the opposition’s walkout.
The session highlighted the intense divide over financial matters in Nigeria’s legislative body, illustrating the complexities of managing government finances.