Home Business Banking & Finance FG’s borrowing from CBN hit N25.4t by March – Report

FG’s borrowing from CBN hit N25.4t by March – Report

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The Federal Government borrowed N25.36 trillion from the Central Bank of Nigeria (CBN) as at March 2023, pushing the figure from N23.53 trillion last December, The PUNCH has reported.

The calculation includes N1.83 trillion borrowed through Ways and Means Advances in the first quarter of this year.

The figure was according to the provisional data from the regulatory bank through its quarterly statistical bulletin.

The Ways and Means Advances is a loan facility used by the central bank to finance the government in periods of temporary budget shortfalls, subject to limits imposed by law.

According to Section 38 of the CBN Act, 2007, the apex bank may grant temporary advances to the Federal Government with regard to temporary deficiency of budget revenue at such rate of interest as the bank may determine.

Source: The PUNCH

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