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JUST IN: House of Representatives in Turmoil Over Ways and Means Bill
The House of Representatives experiences turmoil and chaos over the contentious Ways and Means Bill. Get the latest updates on this legislative issue.
The House of Representatives experienced chaos on Wednesday due to a contentious bill that aimed at doubling the ways and means cash advances from five percent to 10 percent.
The situation intensified as opposition parties walked out of the plenary session following the rejection of an amendment proposed by Kingsley Chinda, who is also known as the minority leader.
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Chinda proposed an amendment that aimed to lower the ways and means to a maximum of two percent.
At present, it is mandated by law that the Central Bank of Nigeria can only offer advances up to five percent of the federal government’s revenue from the previous year.
Lawmakers are in significant disagreement and debate about the proposed bill, as it intends to double the limit.
Further information will be provided later…