Members of the minority caucus of the House of Representatives on Wednesday, staged a walkout in protest of a bill amending the Central Bank of Nigeria (CBN) Act.
The bill sought to increase the limit of advances from the CBN to the Federal Government from 5% to a maximum of 10%, a move that has stirred significant controversy.
The proposed amendment, known as the Ways and Means, allows the CBN to provide short-term financing to the Federal Government to cover budget shortfalls.
However, opposition lawmakers, led by Minority Leader Kingsley Chinda, voiced strong objections to the increase.
Chinda argued that raising the ceiling to 10% would erode the National Assembly’s oversight powers and grant excessive discretionary authority to the CBN.
In a bid to curb potential overreach, Chinda proposed that the advance limit be reduced to 2% instead of being increased.
However, the majority lawmakers, predominantly from the All Progressives Congress (APC), voted in favour of the amendment, pushing it through despite the opposition’s objections.
The passage of the bill prompted an immediate walkout by members of the minority caucus, including representatives from the Peoples Democratic Party (PDP), Labour Party (LP), New Nigeria People’s Party (NNPP), and All Progressives Grand Alliance (APGA), among others.
The protesting lawmakers later returned to the chamber, reiterating their opposition to the amendment.
The minority caucus argued that the increased limit could lead to excessive borrowing, potentially exacerbating the country’s fiscal challenges.
They stressed the need for prudent financial management and greater legislative oversight to ensure transparency and accountability in the government’s financial dealings.
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