The Senate in an emergency session on Saturday amended the CBN Act, increasing the Ways and Means borrowing threshold for the Federal Government from 5% to a maximum of 15% of previous year’s revenue from the Central Bank of Nigeria (CBN).
Presenting the bill for amendment, Senate Leader, Ibrahim Gobir explained that the adjustment was required to enable the Federal Government “meet its immediate and future obligations in the approval of the ways and means and advances to the Federal Government.
