On Wednesday, chaos erupted in the House of Representatives over a controversial bill seeking to increase the ways and means cash advances from five percent to 10 percent.
The situation escalated when opposition parties staged a walkout during the plenary session after an amendment proposed by Kingsley Chinda, the minority leader, was rejected.
Chinda’s amendment sought to reduce the ways and means to two percent instead.
Currently, the law stipulates that advances by the Central Bank of Nigeria (CBN) must not exceed five percent of the federal government’s previous year’s revenue.
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The proposed bill aims to double this limit, prompting significant debate and disagreement among lawmakers.
More details to follow…
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