Members of the House of Representatives on Wednesday, July 30, engaged in a rowdy session, following the amendment to the Central Bank of Nigeria (CBN) Act increasing Ways and Means from five to ten percent.

The deputy speaker, who presided over the consideration of the report passing the bill, had ruled in favour of the increase, but some members felt that those against it should have carried the day following a voice vote.

Those who did not agree with the ruling of the Deputy Speaker started shouting at the top of their voice, disrupting proceedings, while some others simply walked out of plenary.

However, that did not stop the eventual passage of the bill for a third reading by the House.

Section 38(2) states that “The total amount of such advances outstanding shall not at any time exceed five percent of the previous year’s actual revenue of the federal government”.

Although the House Committee on Finance that worked on the bill recommended that the figure be increased to 15 percent, the House eventually settled for 10 percent following a motion by former Deputy Speaker, Hon. Ahmed Idris Wase.

Before Wase’s motion, Minority Leader of the House, Hon. Kingsley Chinda has moved that the figure be reduced to two percent in the interest of transparency and accountability.

Chinda said that allowing an increase to 15 percent would erode the powers of the National Assembly and would bring a lot of baggage to the government.

But his suggestion elicited further debate with the Chairman of the House Committee on Finance, Hon. James Abiodun Faleke saying that since the current act being amended stipulates 5 percent, it was only ideal to increase it to 15 percent.

He argued that in terms of accountability, those in the chart can always be called to account for the money, adding that it was only in the interest of the nation to increase such advances to the government.

The chairman of the House Committee on Defence, Hon. Babajimi Benson (APC, Lagos) however told The Nation that what happened at plenary was just the beauty of democracy and nothing to worry about.

Nominations Open For Legal Leaders Awards 2025, Celebrating Excellence In Istanbul

______________________________________________________________________
“Evidence Act: Complete Annotation” by renowned legal experts Sanni & Etti.
Available now for NGN 35,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation ______________________________________________________________________ "ELECTION MATTERS CASE DIGEST" by Dr. Akin Olawale Oluwadayisi and Moses DUKU Price: ₦20,000 or $15 per copy Contact Information: - Email: benakollegalclassics@gmail.com - WhatsApp only: 07038211889 - Voice Call – Mobile: 070-65830466; 234-7038-2118-89