Nigeria House Moves to Create Special Account for FGs Borrowed Funds

The House of Representatives is considering a bill to create a special account for the Federal Government's borrowed funds, as part of an amendment to the 1999 Constitution. The proposed change aims to manage FG's loans more effectively.

The House of Representatives has proposed a constitutional amendment to establish a special account for the Federal Government's loan funds, aimed at streamlining the management and repayment of borrowed funds. The bill seeks to alter Article 209 of the 1999 Constitution, which currently requires that all borrowed funds be deposited into the Excess Crude Account. According to the proposal, the new special account would facilitate more efficient allocation and utilization of federal loan credits and grants. The proposed constitutional amendment is part of efforts to strengthen fiscal governance and enhance transparency in government borrowing practices.