President Muhammadu Buhari’s N22,719,703,774,306.90 requests on Ways and Means Advances, WMAs, from the Central Bank of Nigeria has been partly approved by the House of Representatives on Tuesday.
However, the lawmakers approved the restructuring of N1 trillion WMAs instead of the original N22.7 trillion request.
The decision of the House of Representatives came based on the recommendation of its Joint Committees.
Musa Abdullahi, the Deputy Chairman of the House Committee on Finance, disclosed this in a report to the House.
According to the House of Representatives, the committees approved the additional advance due to Nigeria’s current fiscal situation.
“(i) The approval of the requested restructuring of the N1 trillion additional Ways and Means Advances for implementing the 2022 Supplementary Appropriations Act as passed by the National Assembly.
“(ii) Further 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 amounts to N22.7 trillion only,” they said.