There was chaos at the house of representatives on Wednesday over a bill seeking to raise the ways and means cash advances from five percent to 10 percent.

Opposition parties staged a walk out during plenary after an amendment by Kingsley Chinda, the minority leader, that the ways and means be reduced to two percent was rejected.

The existing law provides that the advance by the Central Bank of Nigeria (CBN) must not exceed five percent of the previous year’s revenue of the federal government.

"Ways and means" typically refers to the ways by which the government can raise funds to meet its financial needs, especially when there is a budget deficit. This provision allows the government to borrow money or issue securities to manage its financial obligations.

When it is mentioned that "ways and means" is raised to 10% from 5% in the context of the Nigerian constitution, it likely means an increase in the limit or threshold for the government to utilize these financial mechanisms. Here's what this increase could signify:

Increase in Borrowing Capacity: Raising the "ways and means" limit from 5% to 10% allows the government to borrow more money to finance its operations, especially in times of financial stress or unexpected expenses.

Enhanced Financial Flexibility: By increasing the limit, the government gains more flexibility in managing its finances and addressing budget shortfalls without resorting to drastic measures.

Potential Impact on Debt Levels: This change could impact the government's debt levels and overall fiscal health. A higher ways and means limit may lead to increased borrowing, which could have implications for the country's debt sustainability.

Overall, raising the "ways and means" limit from 5% to 10% in Nigeria's constitution can provide the government with additional financial resources and flexibility, but it also comes with the responsibility to manage these funds prudently to avoid adverse effects on the economy and public finances.

politicoNG:

https://www.thecable.ng/breaking-opposition-reps-walk-out-over-bill-to-raise-ways-and-means-to-10/amp/

atobs4real:
Thank you for walking out.
They don't mean well for the masses.
That will also make them enrich themselves while the masses are hungry and jobless.

politicoNG:

https://www.thecable.ng/breaking-opposition-reps-walk-out-over-bill-to-raise-ways-and-means-to-10/amp/

Chykason:
Interpretation please?

joshjc:
What does it mean?