Senate rejects CBN loans, warns Tinubu against illegal spending
Senate has refused to give approval to bill of loans directed by president Bola Tinubu through the Central Bank of Nigeria.
The Senate on Tuesday, warned President Bola Tinubu against illegal spending and advised him to seek a supplementary budget for its Compressed Natural Gas initiative.
The Senate through its Committee on Gas, led by Senator Jarigbe Jarigbe, urged the executive arm of government to expeditiously present a 2023 Supplementary Budget to the National Assembly to kick start the Compressed Natural Gas project.
This request came barely 48 hours after President Bola Tinubu announced measures to cushion the pains of fuel subsidy removal on Nigerians.
The lawmakers insisted that the law was against extra-budgetary spending.
He said a 2023 supplementary budget would be most appropriate, instead of the ‘Ways and Means’ approach of the previous administration, which had remained a major issue of contention in the Central Bank of Nigeria.
In his Independence speech, the President explained that he would ensure that the hardship of Nigerians was alleviated.
