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 extended to the Federal Government under its Was and Means provision.
The Ways and Means provision allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund delaved government expected cash receipts of fiscal deficits.
Since the government started experiencing a significant shortfall in revenue, it has relied heavily on the central bank to finance its expenditure programmes via Ways and Means which balance as of December 19, 2022, stood at N22.7t.
