The Nigerian Senate has increased the Central Bank of Nigeria (CBN) ways and means advances to the Federal Government from five per cent to 15 per cent days before Bola Tinubu’s administration takes over.
The Senate reviewed the clause in the CBN Act that allows the financial regulator to loan FG 5 per cent of the government’s revenue the preceding year during an emergency plenary on Saturday.
Ripples Nigeria understands that the emergency meeting in the upper chamber was held two days before President Muhammadu Buhari hands over the presidential seat to Tinubu on May 29, 2023.
