Obi: Nigeria Is in a Critical State; Representatives Increase the CBN Loan Limit

Ahead of the inauguration of the President-elect, Bola Tinubu, the Labour Party, LP, presidential candidate during the last election, Mr Peter Obi, has declared that Nigerians are at a critical moment.Continue Reading>>>

Obi said Nigerians must understand that their destiny has been injured, hence the need to reexamine their hope.

Tweeting, Obi charged Nigerians to reassess the situation the country has found itself, and find a way to a better future.Continue Reading>>>

According to Obi: “For all Nigerians, this is a time for deep reflection. It is also a time to re-examine our assumptions, even as we reaffirm our hopes.

Let us calmly review our aspirations, in order to recalibrate our expectations and pin down the causes of our missed opportunities and disappointments.

We stand at that critical moment in time when, as a people, we must collectively come to grips with the reality of our injured destiny as well as the reasons for that injury.

The House of Representatives, amidst protest on Sunday, approved an amendment to the Central Bank of Nigeria Act, raising the ceiling of Ways and Means Advances from the apex bank from 5 to 15 per cent.

The House gave the approval at an emergency sitting, in concurrence with the Senate which held an emergency plenary earlier on Saturday to consider and approve some economic bills.

The National Assembly made the move amidst criticisms that the Federal Government had obtained WMAs beyond the 5 per cent threshold of the CBN

According to Section 38 of the CBN Act, 2007, the apex bank may grant temporary advances to the Federal Government regarding temporary deficiency of budget revenue at such rate of interest as the bank may determine.

The continued lending to the Federal Government by the CBN despite not liquidating previous advances, according to the lawmakers, lawyers and economists, is unlawful as both the government and the apex bank have been in breach of Section 38(2), (3a) of the Act, while the current securitisation proposal will breach of Section 38(3b) of the law.

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