The Senate on Saturday approved the upward review of the Ways and Means loan accessible to the Federal Government from five to 15 per cent.
According to the lawmakers, the essence of this bill was to enable the Federal Government to meet its immediate and future obligation in the approval of the ways and means by the National Assembly and advances to the Federal Government by the Central Bank of Nigeria.
The term, ways and means, was first used in the Parliament of England and refers to the provision of revenue to meet national expenditure requirements and to implement the objectives of economic policy.
The Senate also passed another legislation that seeks to extend the implementation of the 2022 supplementary budget by six months.
Both bills were sponsored by the Senate Leader, Ibrahim Gobir, (Sokoto East) and titled, “A Bill for an Act to Amend the 2022 Supplementary Appropriation Act and for other matters connected therewith, 2023 (SB. 1124)”.