Reps hold emergency session, amend CBN Act to raise lending limit to govt

• Okay extension of implementation on supplementary budget

The House of Representatives, yesterday, convened an emergency session to amend the Central Bank of Nigeria (CBN) Act, aimed at raising the total advances the bank can make to the Federal Government from five per cent to 15 per cent.

The House also endorsed extension of the implementation of capital components of the Supplementary Appropriation Act from June 30, 2023 to December 31, 2023 at a plenary chaired by Speaker Femi Gbajabiamila.

The House further passed the ‘Bill seeking to Repeal the Produce (Enforcement of Export Standards) Act, Cap. P32, Laws of the Federation of Nigeria, 2004’.

The Bill, particularly, sought enactment of the ‘Federal Produce Inspection Service (Enforcement of Export Standards) (Establishment) Bill, 2023, to Provide for Inspection and Enforcement of
Grades and Quality Standards of Produce and Commodities intended for Export from Nigeria at Ports of Shipment’.

Under the CBN Act, the ways and means provision allows the government to borrow from the apex bank, if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.