Ways and Means: Unlike Senate, Reps jerk up request with N0.8trn

The House of Representatives on Thursday May 4, 2023 approved President Muhammadu Buhari’s Ways and Request, putting the figure at N23.7 trillion naira, against the Senate’s figure of N22.9 trillion, leaving an up differential of N0.8 trillion.

In the report of the House of Representatives joint Committee on Finance, Banking and Currency and Aids, Loans and Debt Management considered and adopted, it is explained that the facility has a tenor of 40 years Amount N23,719,703,774,306.90 Tenor, Moratorium on Principal Repayment of 3 years and Pricing/Interest Rate of Nine percent per annum.

Following a motion for approval of the request by chairman of the committee on Finance, Hon. James Abiodun Faleke, the following recommendations by the joint committees were adopted at the committee of supply the House;

“(i) approve the requested additional N1 trillion Ways and Means advances for the implementation of the 2022 Supplementary Appropriation Act as passed by the National Assembly;

“(ii) approve the Securitization of the total outstanding Ways and Means amount” under the terms as earlier stated.