Senate President Ahmed Lawan has said the National Assembly will reconsider President Muhammadu Buhari’s proposal on the Ways and Means of Central Bank of Nigeria.
He disclosed this on Tuesday to State House correspondents after President Buhari signed the 2023 budget into law at the Presidential Villa in Abuja.
Recall that President Buhari had during the budget signing, urged the National Assembly to reconsider its position on his proposal to securitise the Federal Government’s outstanding Ways and Means balance at the Central Bank of Nigeria (CBN).
According to Buhari, failure to grant the securitization approval will however cost the government about N1.8 trillion in additional interest in 2023 given the differential between the applicable interest rates which is currently MPR plus 3% and the negotiated interest rate of 9% and a 40-year repayment period on the securitised debt of the Ways and Means.
However, Lawan said the request was already being considered but that the lawmakers will not do so blindly.
He said: “We are already considering that but let me tell you where the problem is. While we are trying to consider and pass the request, we will insist on getting the right documents for our committees to ensure that whatever they advise us to do in the two chambers are based on information and knowledge and not just passing ways and means without knowing what it is.”
Speaking on the signing of the 2023 budget, Lawan said: “The signing of the 2023 and three appropriation bill by Mr. President today marked the fourth consecutive signing of the annual appropriations passed by the-ninth National Assembly. And I will take the opportunity to congratulate and commend members of the National Assembly for this feat.
“When we came in, we promised that we’re going to pass the budgets, the annual budgets before the end of each year. And we have kept that promise by the grace of God. Nothing can be better than this, because this is one fit that has influenced even states, many states rushed to ensure that they passed and assent to their annual budgets before the end of the year.
“And of course, the economy, tax, the positive aspects of the implementation of the budgets that start normally from January. So we are very grateful to Almighty God that that has happened.
“Secondly, let me also say that the reform in bringing the The Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF & FSP), the budget, the appropriation bill, the finance bill, I think is a worthwhile development that should be continued.
“We haven’t done as we would have wished to do. But I think at the risk of sounding immodest, the ninth National Assembly has passed the The Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF & FSP), at normal time, passed the appropriation bill, passed the Finance bill.
“And of course, we are very glad that we have been able to do that.
“Thirdly, this is the last annual appropriation bill that this National Assembly would pass. And Mr. President would ascend to like he mentioned. It is our hope that implementation will start as soon as possible, because time is of essence, and the main reason for passing the budget at record time is to ensure implementation in good time.”
Lawan added that the National Assembly has also increased the duration, the lifespan of the 2022 Appropriation Act, to end on March 31, 2023.
According to him, they believed that the simultaneous implementation of the 2022 appropriation bill including the supplementary and of course the 2023 Appropriation Act, should be done in such a way that the economy of the country is boosted before the next government comes in.
“Ours is for us to focus on the next five months or so, we still have something worthwhile to do, even though both chambers have done almost all of what we considered our legislative agenda. But Nigeria faces challenges of revenue.
“And this is going to be our focus. This is going to be what the National Assembly, both chambers will ensure that we get revenues, we find more sources, better sources, stabilize resources and of course, look into some of the legislations and some of the waivers and concessions granted to see whether or not they deserve to continue to be implemented in a manner they were approved. Or we need to reverse that because we need money in our country.
“But that is not to say that, we should raise taxes that will be out of the roof as to cause problem for our citizens. But I believe that as a National Assembly, in the next five months, we must be looking at increasing the funds available to government and also ensuring that deficit budget is minimized in the next assembly by the grace of God,” he added.
For his part, the Speaker of House of Representatives, Femi Gbajabiamila, while responding to the President’s request for the review of increase in the budget funds, said the additional funds was for the benefit of Nigerians.
He said: “You’ve used the language jerk up about three or four times in this one sentence. I’m not quite sure what that means. If you understand constitutional democracy, there are different layers of government. And it’s called separation of powers.
“Ours is for us to receive proposals and that’s why they’re called proposals.
“Anywhere in the world, it is now for the National Assembly or the legislature. We need to collate all those proposals, look at what’s on ground in the in the various constituencies.
“And we have during budget defense, we have ministries, we have departments, we have agencies that come to talk to us. And we look at the reality of ground and what they have before them. And whether or not they can actually, execute their mandate as per their ministries and departments.”
The Speaker said it now behoves on the National Assembly, where it dims fit to adjust figures, either downwards or upwards and that’s exactly what they have done.
According to him, “you see the problem with the National Assembly is that you can’t win to lose. If you return the budget the exact way it is you’re called rubber stamp. If you do what you’re supposed to do and adjust figures for the good of the country. You call it jacking up or inflation, or padding.
“So I think the National Assembly has done very well in meeting its constitutional mandate. It takes all arms of government to be on board to give a true working document for the country.
“The executive did everything they could. And we have even a wider view, a bird’s eye view of what’s going on in all the agencies. And we have also complemented what the executive has done. There’s no you did you didn’t do. No. It’s all for the good of the country. And that’s what we’ve done,” he added.
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