The Senate on Saturday set aside its Standing Orders 2022 as amended, as it held an emergency plenary session over the amendment of the Central Bank of Nigeria (CBN) Act, 2004.
According to the order paper, the bill up for debate includes ‘A Bill for an Act to Amend the 2022 Supplementary Appropriation Act and for other matters connected therewith, 2023 (SB. 1124) – Second Reading. (Sen. Gobir, Ibrahim Abdullahi (Sokoto East-Senate Leader.
Also to be debated by the lawmakers is ‘A Bill for an Act to Amend the Central Bank of Nigeria Act C4 Laws of the Federation of Nigeria 004 and for Other Matters Connected Thereto, 2023 (SB. 1125) – Second Reading Sen. Gobir, Ibrahim Abdullahi (Sokoto East-Senate Leader).”
In his lead debate on the General principles of the CBN Act( Amendment)Bill, 2023( SB. 1125), Senator Gobir said. “Mr. President, my respected colleagues, permit me to lead the debate on this Bill which seeks to amend the Central Bank of Nigeria (CBN) Act to increase the total CBN advances to the Federal Government from five per cent (5%) to a Maximum of fifteen per cent (15%).
“The Bill was read for the first time in this Chamber on Wednesday, 24th May, – 2023.
“This amendment is very consequential and it needs the support of us all. This is to enable the Federal Government to embark on very important projects that will inflate and rejig the economy.