President Muhammadu Buhari's request for a Ways and Means loan of N22.7 trillion, which permits the federal government to borrow funds from the Central Bank of Nigeria (CBN), received swift approval from both the House of Representatives and the Senate. The House of Representatives granted approval on Thursday, following the Senate's decision on Wednesday.

To recap, President Buhari wrote a letter to the two chambers of the national assembly in December last year, making the request. However, due to the members of both Houses shutting down for the 2023 elections, the request was not considered and approved until now.

The provision for Ways and Means permits the government to obtain funds from the apex bank to address financial crises. As of December 2022, the loan amount stood at N22.7 trillion, which the Federal Government intends to repay through the issuance of securities such as treasury bills and bonds. The report, which was presented by the chairman of the committee on finance, Hon. James Falake, was compiled by three committees: finance, banking and currency, loans, and aid management.

The House has been urged to examine the report of the committees on Finance, Banking and Currency, as well as Aids, Loans and Debt Management, which focuses on the restructuring of Ways and Means Advances. The report, which was presented on May 2, 2023, contains recommendations that the House should approve. Additionally, the House is requested to grant the requested N1 trillion Ways and Means advances, which are necessary for the implementation of the 2022 Supplementary Appropriation Act as passed by the National Assembly.

The House is being asked to deliberate on the report of the Committees on Finance, Banking and Currency, and Aids, Loans and Debt Management concerning the restructuring of Ways and Means Advances. The report was submitted on May 2, 2023, and includes recommendations that require the House's approval. Additionally, the House is being urged to grant the requested N1 trillion Ways and Means Advances, which are needed to implement the 2022 Supplementary Appropriation Act, as passed by the National Assembly.

The House also received a report from the ad-hoc committees responsible for investigating the daily fuel consumption and refinery conditions. The committees, chaired by Hon. Abdulkadir Abdullahi and Hon. Ganiyu Johnson respectively, presented their reports for consideration. The Ad-hoc Committee on the Volume of Fuel Consumed Daily in the Country recommended that the House receive its report on the need to establish the precise daily consumption of Premium Motor Spirit (PMS) in Nigeria (HR. 21/01/2022).

The Ad-hoc Committee on the State of Refineries in the Country recommended that the House receive its report, which seeks to establish the actual cost of rehabilitating Nigerian refineries. During the plenary session, the Deputy Speaker, Hon. Idris Wase, directed the clerk to provide copies of the reports for consideration on Tuesday. He emphasized that the committees' discoveries and suggestions would be significant in assisting the incoming government in making decisions.