President Muhammadu Buhari has forwarded to the Senate, request for approval of restructuring of N23.7trillion Ways and Means Advances given to the federal government by the Central Bank of Nigeria ( CBN)

The President as stated in a letter read in Senate Plenary on Wednesday, said Ways and Means are advances from the Central Bank of Nigeria to the federal government for emergency funding of delayed receipt of fiscal deficit.

The letter titled : ” Restructuring of ways and means advances ” reads in part, ” The ways and means advances by the central bank of Nigeria, to the federal government has been a funding option to the federal government to cater for short term or emergency finance to fund delayed government expected cash receipt of physical deficit.

“The ways and means , balances as at 19th December 2022 is 22.7 trillion.

“I have approved the securitization of the ways and means balances along the following terms ÷ Amount. N23 .7 trillion,
Tenure 40years, Moratorium on principal repayment, three years, Pricing interest rate 9% .

“Your concurrence and approval is sought to allow for the implementation of same”

For expeditious consideration, the President of the Senate, Ahmad Lawan forwarded the request to the Senate Committee on Finance for report consideration and passage in plenary Thursday.

He said the request and the N819.5billion supplementary budget will be considered required passage in plenary on Thursday along with the N20.51trillion 2023 appropriation bill and other critical ones .

“We are referring these letters to our committees on Appropriation, Finance, works, water resources and Agriculture today.

“They have to work on it and ensure that we follow the due processes. In that respect, the Minister of Finance, the CBN, Ministers of Agriculture, Water Resources and Works to be invited and make themselves available for this process and to ensure that we get the right information between today and tomorrow.

“Tomorrow ( Thursday) by the grace of God, will be the last legislative day for the 9th senate this year. It will be quite busy for us because we have to receive the report of the 2023 Appropriation Bill from our committtee on Appropriations.

“We will also receive report on Finance Bill, 2022 from our committee on Finance.
We will also receive the report from the appropriation committee on the two reports that I have just read.

“Also, the committee on power will be bringing the report on power, so it’s going to be very busy for us. So, we may have to stay here for many hours in order to pass or consider the report”, he said .