The World Bank has projected that interest payments on the Federal Government’s borrowing from the Central Bank of Nigeria will gulp about 62 per cent of its revenue by 2027 despite the restructuring plan.
Ways and Means Advances are loan facilities through which the CBN finances the shortfalls in the government’s budget.
Despite warnings from experts and organisations, the Federal Government has kept borrowing from the CBN to fund budget deficits. It was also reported that the Federal Government paid an interest of N405.93bn from January 2022 to April 2022 on the loans it got from the CBN.
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