A Federal High Court , Abuja, on Thursday dismissed a suit seeking to restrain the Federal Government from securitising the sum of N22.7 trillion Ways and Means Loan support it got from the Central Bank of Nigeria .A Federal High Court , Abuja, on Thursday, dismissed a suit seeking to restrain the Federal Government from securitising the sum of N22.7 trillion Ways and Means Loan support it got from the Central Bank of Nigeria .
Others in the suit marked: FHC/ABJ/CS/1286/2023, are Debt Management Office , National Assembly and Attorney General of the Federation as 5th to 7th defendants respectively. The plaintiffs, therefore, claimed that the series of loans secured from the CBN had amounted to N23.7 trillion, and that the FG was planning to restructure the loans to something that could be traded.
“That by securing the Ways and Means Debt, the government will be putting too much money in the money market which naturally increases liquidity in the Nigerian economy which pen-ultimately skyrocket inflation in Nigeria. He said the claim that the suit was brought on behalf of the public was, therefore, incomprehensible.
Justice Omotosho further held that even if the plaintiffs had had locus, the exhibits attached to their court processes were not certified true copies . The judge, who said that the court cannot rely on downloaded documents as being genuine, said it is either the original copy or the CTC.Justice Omotosho, who said that the suit was full of speculation and rumour, expunged the exhibits from the court file.- posted someone else's personally identifiable information
The House of Representatives has directed the Central Bank of Nigeria to stop the implementation of the 0.5 per cent cybersecurity levy on transactions designed to contain growing threats of cybercrime in the financial system. This resolution follows a motion of urgent public importance moved on Thursday by the Minority Leader of the House,…
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