Ahmed Lawan, President of the Senate, stated on Tuesday that the National Assembly is currently reviewing the President’s request to securitize the Federal Government’s outstanding Ways and Means balance at the Central Bank of Nigeria.
However, he stated that the legislature will only do so if appropriate information is made available to the relevant committees.
Lawan made the announcement shortly after the President, Major General Muhammadu Buhari (retd. ), signed into law the N21.83 trillion 2023 Budget and the 2022 Supplementary Appropriation Bill.
Buhari signed the 2023 transition budget in the presence of Vice President Yemi Osinbajo, Speaker of the House of Representatives Femi Gbajabiamila, and other members of the Federal Executive Council at the Presidential Villa in Abuja.
On Buhari’s proposal to securitise the Ways and Means advance, Lawan stated “we are already examining it but let me tell you where the problem lies.
“While we strive to consider and pass the request, we will insist on acquiring the correct documentation for our committees to ensure that whatever they urge us to do in the two chambers is based on information and understanding, rather than simply passing methods and means without knowing what it is.”
Lawan also stated that the implementation of the 2023 budget would necessitate significant internal resource mobilization over the next five months.
As a result, the legislature will review all existing tax breaks and determine the eligibility of all beneficiaries.
This, he said, would be part of attempts to increase revenue without burdening Nigerians with more levies.
“Ours is to concentrate on the next five months. Even though both houses have completed nearly all of what we considered our legislative agenda, we still have something significant to do.
“However, Nigeria suffers revenue issues. This will be our primary focus. This is what the National Assembly, both chambers, will do to ensure that we get revenues, find more and better sources, stabilize resources, and, of course, look into some of the legislations and waivers and concessions granted to see if they deserve to be implemented in the manner in which they were approved. Or we need to reverse it because our country needs money.
“But that is not to mean that we should raise taxes, that will be out of the roof as to cause trouble for our residents. But, by the grace of God, I believe that in the next five months, we as a National Assembly must look at boosting the money available to government while also guaranteeing that the deficit budget is minimized in the next assembly,” Lawan explained.
