An urgent session has been scheduled for the House of Representatives today at 1 p.m., as stated in a notice sent to members, relevant staff, and journalists. This comes after the Senate held an emergency plenary on Saturday to discuss and approve several economic bills.
One of the key decisions made by the Senate was to increase the loan limit available to the Federal Government through the Ways and Means channel. The loan accessibility has been raised from 5 to 15 percent.
Lawmakers believe that this adjustment will enable the government to fulfill its immediate and future obligations by utilizing the National Assembly's approval of the ways and means, as well as advances provided by the Central Bank of Nigeria.
Additionally, the Senate passed another legislation seeking to extend the implementation period of the 2022 supplementary budget by six months. Initially approved by the House on Thursday, this extension would push the timeline from June to December 2023.
While the specific details of the upcoming House session are yet to be disclosed, it is likely that they will concur with the Senate's decisions, as this is a prerequisite for the bills to be signed into law by the President.
There is also a possibility that President Buhari may sign these bills into law before the official transfer of power to the President-elect, Bola Tinubu, scheduled for Monday.
Notably, while the Senate is expected to convene on Tuesday and Wednesday, the House will continue its session until Thursday. Further updates will be provided later on.
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