A contentious debate erupted in the House of Representatives as lawmakers clash over a proposed bill aimed at increasing the ways and means cash advances from 5% to 10%.
The opposition stemmed from concerns that the increase would exacerbate Nigeria’s debt burden, according to Politics Nigeria.
Minority Leader Kingsley Chinda attempted to amend the bill, proposing a reduction to 2%, but was met with resistance from the majority.
The current constitutional provision allows the Central Bank of Nigeria to advance up to 5% of the previous year’s revenue to the federal government.
Proponents of the bill argue that the increase is necessary, while opponents claim it will lead to fiscal irresponsibility.
The debate highlights the ongoing tensions between lawmakers over Nigeria’s economic management.
