An economist, Dr Boniface Chizea, has said that the Central
Bank of Nigeria’s N23.7 trillion’ Ways and Means’ loan request would help put
money in the hands of Nigerians.
Chizea made this disclosure in a Channelstv interview on Thursday.
Reacting to the Nigerian Senate’s rowdy session on Wednesday
and subsequent suspension of President Muhammadu Buhari’s N23.7 trillion’ Ways
and Means’ loan request, Chizea said lawmakers need to be educated on the
subject matter.
He explained that the government does not have a better
alternative.
Chizea disclosed that Nigeria’s economy might be chaotic if
the ‘Ways and Means’ request is not approved.
He said, “You do not need a law for ‘Ways and Means’ for
loan requests; I think our lawmakers need to be educated on the subject
matter”.
He added, “It will inject liquidity into the economy; it is
a specific form of domestic borrowing by the government.
“It is better you do it than not to pay workers salaries and
to run the nation. It is a means to put money in the hands of Nigerians for
spending”.
The Ways and Means represent advances or funds from CBN to
the federal government for emergency funding of delayed receipt of fiscal
deficit.
Last week in a letter to the Senate, Buhari sought the
lawmakers’ approval of the N23.7 trillion Ways and Means advances.
Earlier, the president disclosed that the amount had been a
funding option to the federal government to cater for emergency finance to fund
delayed government expected cash receipt of physical deficit.
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