On Wednesday, the House of Representatives was thrown into turmoil over a bill seeking to double the ways and means cash advances from five percent to ten percent.
Opposition parties walked out of the plenary session after Minority Leader Kingsley Chinda’s proposed amendment to reduce the advances to two percent was rejected.
Under current law, advances from the Central Bank of Nigeria (CBN) are capped at five percent of the previous year’s federal government revenue.
Details later