The Senate President, Ahmed Lawan has said that the National Assembly will only reconsider President Buhari’s appeal for reconsideration the President’s proposal to securitise the Federal Government’s outstanding Ways and Means balance at the Central Bank of Nigeria based on adequate information available to the red chamber.
Lawan revealed this shortly after President Buhari had urged the National Assembly to reconsider their decision while signing into law the 2023 Budget of N21.83tn along with the 2022 Supplementary Appropriation Bill n the presence of Vice President Yemi Osinbajo, Speaker of the House of Representatives, Femi Gbajabiamila and other members of the Federal Executive Council at the Council Chambers of the Presidential Villa, Abuja.
Investors King had earlier reported that President Buhari’s requested that the Senate approve the restructuring of the N23.7tn Ways and Means advances which the federal Government has been using to cater for short-term or emergency finance to fund delayed government expected cash receipt of fiscal deficit.
Lawan explained that the Legislature will need the executive to provide necessary documents to back up their appeal and proposal.
“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.”
The Senate President also echoed that implementing the 2023 budget would require considerable internal resource mobilisation in the next five months hence the legislature will revisit all existing tax waivers and vet the eligibility of all beneficiaries.
This, according to him, would form part of efforts to raise revenue without yoking Nigerians with more taxes.
“Ours is for us to focus on the next five months. 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, stabilise 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,”
