House of Representatives has passed the amendment to the 2022 supplementary budget to extend its implementation to December 2023.

The house, in an emergency session on Sunday, also passed the bill to amend the CBN act.

Under the CBN act, the ways and means provision allows the government to borrow from the CBN to finance budget shortfalls.

The amendment increases the CBN advances to the federal government from five percent to 15 percent.

The bill, sponsored by Victor Nwokolo, chairman of the house committee on banking and finance, was passed for second reading on Thursday.

During the emergency plenary, the bill was considered by the committee of the whole and passed for third reading without any opposition.

The national assembly can now transmit the two bills to the president for assent.

Earlier in the month, the national assembly approved the request by President Muhammadu Buhari to convert the N23.7 trillion loan to a 40-year bond.

Speaking before adjourning, Femi Gbajabiamila, the speaker, commended the lawmakers for attending the emergency session despite the short notice.

On Saturday, the senate extended the implementation of the 2022 budget to December.

The senate also amended the CBN act to increase its advances to the federal government from five percent to 15 percent.

Gobir Abdullahi, senator representing Sokoto east who sponsored the bill, said it was to enable the federal government to meet its immediate and future obligations.

“Mr President, my respected colleagues, permit me to lead the debate on this bill, which seeks to amend the CBN act to increase the total CBN advances to the federal government from five percent to a maximum of fifteen percent,” Abdullahi had said.

“This amendment is very consequential and it needs the support of us all, it is to enable the federal government to embark on very important projects that will inflate and rejig the economy.”

The Cable