The Senate has approved the sum of N28.7 trillion as the 2024 appropriation bill, assuring that the bill will be transmitted to the President for expedited passage into law.
President of the Senate, Godswill Akpabio, during plenary today stated that the legislative arm is duty bound to expediate action on the bill, to ensure smooth transition and sustenance of the January to December cycle.
Earlier, the Senate also approved and confirmed securitization of the outstanding 7.3 trillion-naira Ways and Means as requested by President Bola Tinubu.
The Ways and Means provision allow the government to borrow from the Central Bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.
According to the letter to the Senate, the President stated that the securitization of Ways and Means would lead to the realization of reduction of debt service cost.
The letter added that the interest rate for the securitized Ways and Means advances lowered at 9% per annum compared to MPR which is +3%.
