Chaos ensued in the House of Representatives on Wednesday, July 31, over a contentious bill seeking to increase the ways and means of cash advances from five percent to ten percent.
The turmoil began when opposition parties staged a dramatic walkout during the plenary session. The protest followed the rejection of an amendment proposed by Kingsley Chinda, the Minority Leader, who suggested that the ways and means cash advances should instead be reduced to two percent.
Under the existing law, the Central Bank of Nigeria (CBN) is restricted from advancing more than five percent of the federal government’s previous year’s revenue.
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