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.
A walkout has been staged by opposition members in the House of Representatives.
The incident happened during the plenary on Wednesday over a bill seeking to raise the ways and means cash advances from five percent to ten percent.
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.
However, the decision to raise the ways and means led to chaos in the house after an amendment by the minority leader, Kingsley Chinda, that the ways and means be reduced to two percent was rejected.
Following the decision, the opposition members staged a walk out.