On Monday, July 23, 2024, the House of Representatives convened an emergency meeting to review the 2024 Appropriations Amendment Bill. The budget for 2024 was raised by almost N35 billion thanks to the measure.
Hon. Francis Waive, the chairman of the House Committee on Rules and Business, made a motion to revoke the bill’s prior passage, citing legal concerns that needed to be given further thought.
The House decided to recommit the impacted clauses to the Committee of Supply for reconsideration after the motion was approved.
The House Committee on Defense’s Chairman, Hon. Babajimi Benson, claims that the amendment has no bearing on how the budget is implemented. In order to maintain the budgetary figures.
Additionally, the House amended the Central Bank of Nigeria Act to raise the maximum percentage of advances made by the Central Bank of Nigeria to the Federal Government from 5% to 10%.
Final Thought
The amendment to increase the maximum percentage of advances from the Central Bank of Nigeria to the Federal Government from 5% to 10% could have several implications.
It may provide the government with greater flexibility in managing fiscal challenges and funding priorities.
However, it also raises concerns about potential inflationary pressures and the need for prudent fiscal management to avoid excessive reliance on central bank financing.