Ways & Means; Senate approves Buhari’s N22.7 Trn loan

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The senate has approved the request of the president, Major General Muhammadu Buhari (retd.), to restructure the N22.7tn loan from the central bank of Nigeria (CNB) extended to the federal government under its ways and means provision.

The ways and means provision allows the federal government to borrow money from the apex bank if it needs short-term or emergency finance to fund delayed government expected cash receipt of fiscal deficits.

Since the government started experiencing a significant shortfall in revenue, it has relied heavily on the central bank of to finance its expenditure programmes via ways and means which balance as of December 19, 2022, stood at N22.7tn.

Source; PunchNewsPaper