Nigerian Lawmakers Engage in Heated Debate Over Ways and Means Cash Advances

A rowdy scene unfolded during an emergency plenary session of the Nigerian House of Representatives on Wednesday, as lawmakers deliberated on a bill seeking to increase cash advances from the Central Bank of Nigeria from five percent to 10 percent. The debate centered around the Ways and Means cash advances, which refer to the money the apex bank lends to the federal government to augment spending based on the timing of revenue generation.

The existing law allows the advance by the apex bank not to exceed five percent of the previous year’s revenue of the federal government. However, members of the opposition parties staged a walkout after an amendment by the minority leader, Kingsley Chinda, to reduce the Ways and Means to two percent was rejected.

Lawmakers who voted in favor of the increase from five to 10 percent included Abubakar Yalleman (APC, Jigawa), Saidu Abdullahi (APC, Niger), and Ibrahim Wase (APC, Plateau), among others. When the bill was put to a voice vote by the Deputy Speaker, Benjamin Kalu, lawmakers voted against the proposed percentage. However, Kalu ruled in favor of the ayes, prompting a walkout by opposition lawmakers.

The bill aimed to amend the Central Bank of Nigeria Act, 2007, to increase the total advance by the apex bank to the federal government from five percent to a maximum of 15 percent. The development has sparked mixed reactions, with some lawmakers expressing concern over the potential impact on the country’s economic stability.

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