Opposition Lawmakers Stage Walkout Over ‘Ways and Means’ Borrowing Increase

Several opposition lawmakers in the House of Representatives staged a walkout on Wednesday in protest against the increase in the Central Bank of Nigeria’s ‘Ways and Means’ lending limit to the Federal Government.

The walkout occurred during a heated debate on the amendment of Section 38 of the CBN Act, which proposed raising the borrowing limit from 5 percent to 10 percent. The protesting lawmakers argued for a reduction of the threshold from the current 5 percent to 2 percent.

The controversy harks back to former President Muhammadu Buhari’s administration, which faced criticism for borrowing over N23 trillion from the CBN under the Ways and Means policy, significantly contributing to the country’s debt crisis.

During the debate, Minority Leader Kingsley Chinda emphasized the need to lower the borrowing threshold instead of increasing it. Despite this, two members of the ruling All Progressives Congress (APC), Ayokunle Isiaka and Ahmed Wase, argued in favor of raising the threshold to 10 percent.

The House adopted Wase’s amendment following a voice vote, prompting the opposition lawmakers to stage a walkout in protest of the decision.