Senate Amends CBN Act to Raise Lending Limit to FG Extends 2022 supplementary budget implementation by six months Sunday Aborisade in Abuja The Senate yesterday held an emergency session and amended the Central Bank of Nigeria (CBN) Act to raise the total advances the apex bank can grant the federal
government from five per cent to 15 per cent. The Red Chamber also passed another bill to extend the implementation of the 2022 supplementary budget by six months from June 30, 2023, to
December 31, 2023. The two bills, which were both read for the first time, were sponsored by the Senate Leader, Senator Abdullahi Ibrahim Gobir (APC, Sokoto East). They were titled: "A Bill
for an Act to Amend the 2022 Supplementary Appropriation Act and for Other Matters Connected therewith, 2023 (SB. 1124)" and "A Bill for an Act to Amend the Central Bank of Nigeria Act C4 Laws of the Federation of Nigeria 2004 and for
Other Matters Connected Thereto, 2023 (SB. 1125)." While leading the debate on the CBN Amendment Act, the Senate Leader said the Bill seeks to amend the CBN Act regarding the Ways and Means Advances policy.
Under the CBN Act, the Ways and Means provision allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund delayed Continued on page 5
Akpabio, Jibrin Walk a Tightrope as Yari Insists on N’West Senate Presidency… Page 8 Sunday 28 May, 2023 Vol 28. No 10273
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Tinubu Absent as Kenyatta, Others Call for Inclusive Govt
Olawale Ajimotokan and Adedayo Akinwale in Abuja
TINUBU’S INAUGURATION LECTURE… L-R: Sultan of Sokoto, Alhaji Sa’ad Abubakar III; Vice President-elect, Alhaji Kashim Shettima; President Muhammadu Buhari; former President of Kenya, Mr. Uhuru Kenyatta; Archbishop of Sokoto, Mathew Hassan Kukah; and the President of African Development Bank, Dr. Akinwumi Adesina, at the inauguration lecture for the incoming administration in Abuja …yesterday GODWIN OMOIGUI
There was disquiet at the International Conference Centre (ICC), Abuja, venue of Continued on page 5
In National Broadcast, Buhari Urges Politicians to Accept Decisions of Election Tribunals Salutes Tinubu's courage, says he's the best to succeed him Deji Elumoye in Abuja President Muhammadu Buhari has again apologised to Nigerians over steps taken by his administration in the last eight years to revamp the nation's economy. Buhari had in late April asked Nigerians hurt by his policies for forgiveness. In a farewell broadcast to Nigerians earlier today the outgoing President boasted that his government made considerable progress in the fight against corruption through reforms implementation. While expressing happiness that he is leaving Nigeria better than it was in 2015, President Buhari charged political stakeholders to accept the outcome of all court cases associated with the 2023 general election. The president also hailed the Continued on page 5
PROJECT INAUGURATION… L-R: Governor of Kaduna State, Mallam Nasir El-Rufai; former National Chairman of the All Progressives Congress (APC), Chief Bisi Akande; Kaduna State Governor-elect, Senator Uba Sani; and APC chieftain, Alhaji Ali Modu Sheriff, during the inauguration of Ronchess Projects in Kaduna...yesterday
$1.2bn Zungeru Power Plant Begins Supply of 700MW to National Grid… Page 8
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