The minority caucus in the House of Representatives on Wednesday staged a walkout when a bill to amend the total advances by the Central Bank of Nigeria (CBN) to the Federal Government from 5% to a maximum of 10%.
The members of the opposition in the green chamber staged the protest after lawmakers of the All Progressives Congress (APC) amended the CBN Act to increase the Ways and Means loans obtainable by the Federal Government from the apex bank.
Known as the Ways and Means, the apex bank offers short-term financing to the Federal Government to cover its budget shortfalls.
The Minority Leader of the House, Kingsley Chinda, had objected to the passage of the amendment, stating that it would erode the powers of the National Assembly and give room for too much discretionary power to the CBN.
He proposed that it should be reduced to 2 per cent instead of increasing it.
But the matter was put to vote and the amendment was passed. Immediately, the minority caucus staged a walkout but later returned and protested the amendment.
Opposition parties in the lower chamber include the Peoples Democratic Party (PDP), the Labour Party (LP), New Nigeria People’s Party (NNPP), All Progressives Grand Alliance (APGA), among others.
