By 
In the first quarter of 2023, the Federal Government of Nigeria borrowed N1.83tn from the Central Bank of Nigeria (CBN) through Ways and Means Advances, as revealed by recent reports. This brings the total borrowing from the CBN to N25.36tn in March 2023, up from N23.53tn in December 2022.
The figures were obtained from the CBN’s quarterly statistical bulletin, which provides provisional data on government borrowing and financial activities.
Ways and Means Advances is a loan facility utilized by the central bank to assist the government during temporary budget shortfalls, within the limits set by law.
As per Section 38 of the CBN Act, 2007, the apex bank has the authority to grant temporary advances to the Federal Government in the event of a temporary deficiency in budget revenue. The interest rate for these advances is determined by the bank.
Comments