Opposition lawmakers in the House of Representatives in a dramatic session on Wednesday staged a walkout after the House voted to increase the Central Bank of Nigeria’s (CBN) ‘Ways and Means’ lending to the Federal Government.<\/p>\n
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The walkout occurred during a heated debate over an amendment to Section 38 of the CBN Act, which proposed raising the borrowing limit from 5% to 10%. Opposition members argued that the borrowing threshold should be reduced to 2%, citing concerns over the nation’s rising debt.<\/p>\n
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Kingsley Chinda, the Minority Leader, voiced strong opposition to the increase, arguing for a reduction in the borrowing limit rather than an increase. Despite these objections, ruling party members Ayokunle Isiaka and Ahmed Wase pushed for the threshold to be set at 10%, a motion that was eventually adopted through a voice vote.<\/p>\n
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Frustrated by the outcome, several opposition lawmakers walked out of the chamber in protest, highlighting the deep divisions over the issue. The increase comes amid widespread criticism of the previous administration’s heavy reliance on the CBN’s Ways and Means policy, which contributed significantly to the country’s debt burden.<\/p>\n","protected":false},"excerpt":{"rendered":"
Opposition lawmakers in the House of Representatives in a dramatic session on Wednesday staged a walkout after the House voted to increase the Central Bank of Nigeria’s (CBN) ‘Ways and Means’ lending to the Federal Government. The walkout occurred during a heated debate over an amendment to Section 38 of the CBN Act, which […]<\/p>\n","protected":false},"author":14,"featured_media":41412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-41411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/41411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=41411"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/41411\/revisions"}],"predecessor-version":[{"id":41413,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/41411\/revisions\/41413"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/41412"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=41411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=41411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=41411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}